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VLSFO Exports Out of Kuwait Slow in October

OIL PRODUCTS

Kuwait’s fuel oil exports fell to 490,000 metric tons in October after hitting a record high of 720,000 tons in September according to Kpler figures – driven by lower volumes of very low sulphur fuel oil (VLSFO).

  • Falling Kuwaiti VLSFO exports have supported prices for the grade in Asia, the main destination for its flows. Singapore cracks were at a four-month high of $13/bbl at the end of October according to LSEG.
  • Kuwait’s Al Zour refinery started its third and final CDU n July but it is yet to ramp up to full capacity according to LSEG sources, denting VLSFO supply.
  • Doha and Az-Zour power plants have also absorbed a lot of Al Zour’s VLSFO output as they switch away from burning HSFO according to FGE.
  • Al Zour’s November VLSFO exports are expected to remain steady with October’s pace according to FGE.
  • Kuwait’s KPC has not issued VLSFO tenders in recent weeks but has ramped up those for HSFO.
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