Fuel stockpiles at the Fujairah Port recorded an increase of 7% over the week, signaling a dwindling storage space for oil products in the region after the demand decline due to the coronavirus pandemic, UAE news agency (WAM) reported.

The Fujairah Oil Industry Zone Stockpiles of heavy distillates and residues, used by shippers and for power generation, increased to 15.445 million barrels over the week, which is the highest since S&P Global Platts started to collect these data in January 2017.

According to the data, the total stockpiles, covering light, middle and heavy distillates, rose by 3.5% to 23.701 million barrels, the highest since February 24, when the total was 25.98 million barrels. Meanwhile, capacity for oil products and crude oil storage is about 60 million barrels.

Malek Azizeh, Commercial Director of Fujairah Oil Terminal FZC, told Platts “There is demand for more storage of crude oil, jet fuel and gasoline.”

Additionally, stockpiles of middle distillates, including jet fuel, increased by 10% to 2.53 million barrels, to record the highest in a three-week period. Meanwhile, the light distillate stocks dropped 6% to 5.726 million barrels recording the lowest rates since 30 December 2019.