Record Levels of Oil Storage in Fujairah!

Sources in the oil sector revealed today, Wednesday, that significant flows of crude oil and refined products from Russia have boosted the demand for storage tanks in Fujairah, UAE, raising storage fees to their highest levels ever in the first quarter. The storage fees for oil tanks in Fujairah surged to a record $12 per cubic meter in the first quarter; however, the fees vary based on the type of shipment, according to informed sources. They added that storage spaces at Fujairah facilities are fully leased, and strong demand for storage is increasing revenues for operating companies such as "Vopak," "Vitol," the Emirates National Oil Company "ENOC," and the Abu Dhabi National Oil Company "ADNOC." Additionally, Rouslan Khusainov, senior fuel oil analyst at Fortex, stated that "Fujairah has become crucial for Russia's efforts to redirect its oil product exports away from traditional U.S. and EU markets to the Middle East and Asia."