Shipping data showed that American refineries began to seize shipments of fuel oil from the Middle East this month, following US President Joe Biden Bans Russian Oil Imports Due To The Invasion Of Ukraine.
Market research data shows that last year, the United States imported regarding 700,000 barrels per day of various types of fuel oil and other feed materials for refineries, most of which went to refineries on the American Gulf Coast to compensate for heavy crude oil.
According to data from the Kepler research company, last year Russia’s share of US fuel oil imports was just under half, and Mexico’s share was 20% and the Middle East was regarding 5%.
But preliminary data from tanker-tracking “Refinitiv Icon” showed that Middle East supplies will make up at least 17% of US fuel oil purchases in April.
It is scheduled to pump four million barrels from suppliers in the Middle East along the US coast on the Gulf next month, the highest level in at least 12 years.
According to Kepler data, they supplied American refineries as a whole last year with regarding 13 million barrels per year
Overall.
Kepler analyst Matt Smith said, “This is a clear indication that we are seeing a shift in terms of the regions from which the United States buys fuel oil,” but he noted that the United States may face great difficulties in closing the gap left by the loss of oil imports. Russian fuel.
The data showed that Saudi Arabia, Kuwait, Iraq and the United Arab Emirates account for nearly half of the total fuel oil shipments under the contracts.
Those shipments are expected to head to the United States in April.
