Oil product stockpiles at the UAE’s Port of Fujairah dropped 1.5% in the week ended Jan. 2, after exports for 2022 reached the second-highest on record, according to Fujairah Oil Industry Zon and Kpler data. Total inventories were at 20.349 million barrels as of Jan. 2, a two-week low, the FOIZ data provided exclusively to S&P Global Commodities Insights on Jan. 4 showed. Product exports averaged 620,000 b/d in 2022, down 2.2% from the record 634,000 b/d set in 2021, according to Kpler data. Singapore was the largest destination for product exports last year, followed by Saudi Arabia. Shipments to the US jumped 30-fold while exports to Poland, Lebanon, Libya and Cyprus were recorded for the first time.
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