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OIL PRODUCTS: Asian LSFO Market Faces Pressure in 2025: Platts

OIL PRODUCTS
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The Asian LSFO market is expected to face oversupply in 2025 due to increased regional supplies and imports from Europe, the Middle East, and WAF, Platts said. 

  • This will likely lead to lower LSFO refining margins and a weaker market structure.
  • The influx of LSFO from Kuwait's Al-Zour refinery and Nigeria's Dangote has disrupted traditional supply flows.
  • Demand for LSFO is pressured by the rise of scrubber-fitted ships using HSFO, and the adoption of alternative fuels.
  • While this trend is expected to continue, although the growth rate of scrubber-fitted ships is slowing.
  • HSFO accounted for an average of 36.6% of Singapore’s bunker sales in Jan-Nov, down from 32.2% the previous year. For LSFO, it was 55.5% in Jan-Nov, compared to 60.3% in 2023.
  • Overall, the LSFO market in 2025 will be challenged by ample supplies, competitive pressures, and evolving fuel preferences, Platts said.

 

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The Asian LSFO market is expected to face oversupply in 2025 due to increased regional supplies and imports from Europe, the Middle East, and WAF, Platts said. 

  • This will likely lead to lower LSFO refining margins and a weaker market structure.
  • The influx of LSFO from Kuwait's Al-Zour refinery and Nigeria's Dangote has disrupted traditional supply flows.
  • Demand for LSFO is pressured by the rise of scrubber-fitted ships using HSFO, and the adoption of alternative fuels.
  • While this trend is expected to continue, although the growth rate of scrubber-fitted ships is slowing.
  • HSFO accounted for an average of 36.6% of Singapore’s bunker sales in Jan-Nov, down from 32.2% the previous year. For LSFO, it was 55.5% in Jan-Nov, compared to 60.3% in 2023.
  • Overall, the LSFO market in 2025 will be challenged by ample supplies, competitive pressures, and evolving fuel preferences, Platts said.

 

Keep reading...Show less