Fuel oil prices are likely to rise in 2Q12 and into 2013 as an upswing in power generation in Saudi Arabia kicks in this summer.
Fuel oil prices are likely to rise in 2Q12 and into 2013 as an upswing
in power generation in
Saudi Arabia
kicks
in this summer. The expected ramp-up comes as the country aims to rely as
little as possible on direct crude burn, says Barclays Capital. "If the
summer temperatures are high enough, there is a strong likelihood that
Saudi
Arabia
could turn into a net importer
of fuel oil instead of exporting an average volume of 775KT/month."
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