• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 57 mins Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 43 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 2 days US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 13 hours Let’s take a Historical walk around the Rig
  • 7 hours Beijing Must Face Reality That Taiwan is Independent
  • 22 hours Trump has changed into a World Leader
  • 23 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 51 mins Governments that wasted massive windfalls
  • 23 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 2 days Might be Time for NG Producers to Find New Career
  • 3 days Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 3 days Indonesia Stands Up to China. Will Japan Help?

UAE To Start Publishing Weekly Oil Data

stock brokers

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

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play