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Twilight wrote:It is proof of the demand side of Export Land.
Professor Membrane wrote: Not now son, I'm making ... TOAST!
Reuters wrote: SINGAPORE, July 31 (Reuters) - Iran, a regular exporter of fuel oil to Asia, will halt shipments of the heavy fuel from August as it builds domestic stocks ahead of winter, and due to a heavy fourth-quarter maintenance season, industry sources said on Thursday.
Iran has been shipping out about 1.2 million tonnes of the residual fuel monthly since April. Rising domestic consumption and a lack of gas alternatives had also forced it to reduce exports over the past two winters.
"This is true, we will be concentrating on building up stocks for use at our power stations," a source familiar with the fuel oil export programme said.
Iran's decision came on the heels of Saudi Arabia's move to not resume spot fuel oil exports after its peak summer demand season, due to persistently strong requirements from domestic power plants and new secondary refining units.
Robust economic growth in Middle East oil-producing nations has spurred industrial demand for utility fuels, as power usage across the Gulf Cooperation Council (GCC) grows at an annual rate of around 8 percent.
Gas projects have also failed to keep pace with demand for power generation. Apart from Qatar, all Gulf states are short of gas.
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