Data released Wednesday by the Fujairah Oil Industry Zone showed oil product stockpiles at Fujairah on the UAE's east coast have surpassed 30 million barrels for the first time. Inventories of heavy distillates and middle distillates hit all-time highs.
Reaching the third consecutive week record high, total stockpiles rose to 30.262 million barrels on Monday, up 8.6 percent week on week.
Inventories of light distillates including gasoline jumped to the highest since August 19, 2019 to 8.236 million barrels, up 10 percent on the week. Heavy distillates rose to 16.453 million barrels, up 10 percent. Middle distillates rose to 5.573 million barrels, up 2 percent.
Fujairah has capacity to store about 40 million barrels of products although some terminals cannot be full because they need extra room for blending. Leaving less room for new supplies, many terminals are also already leased out.
Severe restrictions on movement to contain the coronavirus pandemic remain in place across much of the Middle East and India, resulted in stockpile gains to pick up pace in May. Some economies, however, have started to re-open gradually.
