It should be noted that the six-month lease for Singapore’s crude or fuel oil storage facilities increased by 17-20% compared to last year.
The article also quotes William Tan, vice president of Singapore-based consultancy Miyabi Industries, explaining that traders and fuel suppliers are now busy stockpiling and blending Russian oil due to the “good profits” from such activities.
“Some of this combined fuel could go towards bunkering in Singapore or be sold to neighboring countries like Indonesia and Vietnam,” Tang explained.
Earlier it was reported that oil demand growth this year will be 2.22 million barrels per day, half of which will be provided by Asian countries. In addition, the main buyers of Russian oil will account for the lion’s share: China – 0.51 million barrels per day, India – 0.25 million barrels per day. Such data is provided in the latest OPEC forecast.