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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