Middle East Fuel Oil Exports Set to Hit Four-Month High

Fuel oil exports from the Middle East are expected to rebound to a four-month high this month as tanker traffic through the Strait of Hormuz picks up and key fuel oil producers Iraq, Saudi Arabia, and Oman have moved to increase shipments from ports outside the Persian Gulf. Middle Eastern fuel oil exports are set to jump by 20% from May to about 508,000 barrels per day (bpd) in June, according to ship-tracking data reviewed by Reuters. Saudi Arabia boosted fuel oil shipments from the Yanbu port on the Red Sea, and Iraq started exporting fuel oil…