Singaporean fuel production down in May
Sydney (29 June)
Singaporean oil refiners cut their petroleum output by 12% on the year in May – for the third consecutive time – largely because of feedstock supply disruptions, data from the Singapore Economic Development Board (EDB) show.
Singapore’s petroleum output fell on the year in March and April by 20% and 30%, respectively, EDB data show.
The country’s oil refiners also cut their real oil exports in May, data from Enterprise Singapore indicate. Singapore’s domestic petroleum exports rose – in nominal terms – by 16% on the year in May, but its export oil price index rose by 62% on the year that month.
Australia and New Zealand each rely on Singaporean refiners for 32% of their petroleum imports, according to Prime Minister Anthony Albanese and the Observatory of Economic Complexity.
The Singaporean Government has pledged to avoid restrictions on essential supply exports to Australia and New Zealand, under agreements signed in April and May, respectively.
Diplomats from the three countries – along with the other signatories of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement – have also instructed officials to upgrade parts of the trade deal to support supply chain resilience, they said in a joint statement released on 26 June.
“[Officials will additionally] explore areas for practical cooperation and timely information exchange, as appropriate, to support market confidence and mitigate risks of supply disruption,” they added.
Australia had 44 days’ worth of petrol reserves, 37 days’ worth of diesel reserves, and 29 days’ worth of jet fuel reserves on 27 June, Energy Minister Chris Bowen told reporters. The country’s fuel reserves are well within the range of a good, solid supply, Bowen said.
New Zealand had 33 days’ worth of petrol reserves, 25 days’ worth of diesel reserves, and 32 days’ worth of jet fuel reserves on 24 June, data from the Ministry of Business, Innovation, and Employment (MBIE) show.
Ships carrying 20 days’ worth of petrol, 25 days’ worth of diesel, and 29 days’ worth of jet fuel are set to arrive in New Zealand over the three weeks from 24 June.
By Avinash Govind