Wednesday September 06, 2006

Saudi Arabia imports fuel oil

peakoil.com (thread) -> aawsat.com :

Saudi Aramco, Saudi Arabia's national oil company and a major fuel oil exporter to East Asia, has imported its first-ever cargoes of the residual fuel, taking a total of around 160,000 tonnes for August and September deliveries, to meet peak summer utility demand amid a depressed global market.

"This is the first time ever that Aramco has actually bought fuel oil. It's a case of optimisation - the market has been poor and they have cut back on their own production due to depressed prices in the face of peak summer demand," a Singapore-based Middle East trader said.

The oil giant is the largest Middle East fuel oil supplier into East Asia. Exports normally fall in the third quarter when electricity demand peaks during the sweltering summer season. The unexpected demand for fuel oil is in line with increased demand for oil products, mainly gas oil and gasoline, from the Middle East, particularly among other oil-rich countries such as the United Arab Emirates and Qatar.

See also :

1. Middle East as energy consumer
2. Mideast boom squeezes gas oil flow to Europe, Asia

(2006-09-06 13:25:31 SGT) [Energy] Permalink

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