Fuel pressure on ships continues despite acceleration of crude oil exports through the Strait of Hormuz - Vitol

Supply pressure has pushed the price of marine fuel in Singapore, the world's largest supplier, to its highest level since April.

New York, October 16. /TASS/. Kieran Gallagher, head of Vitol's Asia division, said that accelerating the supply of crude oil through the Strait of Hormuz will not lead to more production of shipping fuel.

"Many are looking to increased crude oil flows through the Strait of Hormuz as a silver bullet, but more crude oil does not necessarily mean high-sulfur fuel oil," Gallagher said, quoted by Bloomberg.

Referring to the priority of refineries for other products such as diesel, he added: "Refining margins are extremely strong and refineries have maximized to obtain this yield."

Supply pressure has pushed the price of marine fuel in Singapore, the world's largest supplier, to its highest level since April, according to data provider ClearLynx.