• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 1 hour "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 9 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 7 hours "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 6 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 9 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 10 days Goldman Betting on Cryptocurrencies
  • 13 days Сryptocurrency predictions
The Wildcard For Oil Markets Next Week

The Wildcard For Oil Markets Next Week

Oil markets are looking at…

UAE To Start Publishing Weekly Oil Data

The United Arab Emirates will start publishing weekly inventory data for its Fujairah port in a bid to enhance transparency and help turn the Indian Ocean port into an international oil hub such as Singapore and Rotterdam.

UAE’s energy minister Suhail Al Mazroui, who announced the news on the sidelines of the Gulf Intelligence Energy Market Forum, added that “Fujairah sits at the heart of the new energy corridor opening up East of the Suez Canal to Asia, and not only is it a world-class bunkering and oil products storage centre – it is now also becoming an important crude oil export hub.”

The port, which started operating in 1983, had a throughput capacity of 56 million tons of oil products as of 2015. It is the UAE’s only Indian Ocean port with the capabilities to export oil and oil products, and earlier this month it launched the first Very Large Crude Carrier jetty in the country, capable of handling up to two million barrels of crude and fuels per vessel.

The transparency move is part of a wider initiative, called Vision 2021, to make official government data more openly available. At the same time, the plan to turn Fujairah into an oil storage and trading hub is part of UAE’s efforts to cope with the new oil price environment, diversifying from just pumping as much crude as possible to maintain market share.

The ambition to turn Fujairah into a global energy hub was also helped by Platts, which announced it would start publishing independent price assessments for a number of oil products sold on the Middle Eastern market on a free-on-board basis at Fujairah. The data releases will start October 3.

As Bloomberg notes, building up the storage capacity of the port and publishing regular data on inventories will provide oil and oil product traders with a direct access to Asian and African markets. Fujairah will be an alternative to the crowded Strait of Hormuz, where over 30 percent of global oil and fuel shipments pass.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News