Singapore fuel oil stockpiles extend climb while Nigeria inflows jump
Nigeria's Dangote refinery had been issuing some fuel oil tenders on a sporadic basis in the past months. Meanwhile, exports out of onshore tanks were mostly headed for China, with volumes surging week-on-week to more than 194,000 tons.
China's Shandong government has raised fuel oil import tax rebates for selected independent refineries, a move likely to spur some recovery in demand. Despite this, benchmarks for high-sulphur fuel oil have trended softer in recent trading sessions due to the high inventories in Singapore.
The spot market differential has fallen from a premium into a discount this week, pricing data showed. Week to Jun. 25, Fuel oil Total Total Net (in metric tons) Imports Exports Imports BRAZIL 129,763 0 129,763 CHINA 0 31,459 -31,459 INDIA 0 92 -92 INDONESIA 42,127 0 42,127 IRAQ 30,488 0 30,488 KOREA 4,417 0 4,417 KUWAIT 22,106 0 22,106 MALAYSIA 193,957 54,026 139,931 MEXICO 75,961 0 75,961 NETHERLANDS 3,614 0 3,614 NEW ZEALAND 0 8,649 -8,649 PHILIPPINES 0 17,750 -17,750 SOUTH SUDAN 45,883 0 45,883 SRI LANKA 0 9,996 -9,996 VIETNAM 9,625 17,763 -8,139 TOTAL 557,941 139,736 418,204
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Crypto Insight
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Covering 3,000 hectares, with 300 hectares designated for immediate development, the Oyo SAPZ is expected to host up to 40 agro-processing industries, create over 100,000 direct and indirect jobs, and benefit half a million farmers. Oyo State Governor Makinde hailed the launch as a fulfilment of promises made: 'Today is about promises kept. It is a strategic step on the journey of sustainable development. These hubs bring producers closer to processors and link farms to markets. They reflect our government's belief that agriculture is not just about food, it is about infrastructure, enterprise and national relevance. We're building a future where agriculture feeds not just homes, but industries; where it doesn't just sustain families but entire economies.' Representing Vice President Kashim Shettima, Nigeria's Minister of Agriculture, Senator Abubakar Kyari highlighted the SAPZ initiative's alignment with national priorities: 'Today's event exemplifies the spirit of partnership and shared vision that is vital to our nation's progress. The SAPZ initiative is one of the cornerstones of the renewed hope agenda championed by President Bola Ahmed Tinubu, a vision rooted in restoring Nigeria's dignity, unlocking our vast potentials and creating opportunities for every citizen.' Dr. Adesina underscored the transformative vision behind SAPZs, calling them essential to unlocking agricultural value chains and lifting millions out of poverty. 'The export of primary commodities is the door to poverty. The export of value-added commodities and products is a highway to wealth. It doesn't really matter what you have in terms of agricultural commodities, whether it is cocoa or coffee, or grains; if you're not adding value to it, it's actually going to make you poor. So, what we're doing here is to be able to unlock that value,' Adesina stressed. 'Our goal is very clear. It's to reduce massive post-harvest losses, develop logistics, and improve linkages between farm production, agro-processing, and value addition, transform rural economies, and, of course, to create jobs.' He outlined three critical pillars for the success of the SAPZs: political will, resource mobilization, and strategic partnerships. 'What we are witnessing today would not have happened without intense collaboration,' he noted. Reflecting on his 10-year tenure as President of the African Development Bank, Adesina highlighted milestones achieved under his leadership, including the Bank's capital increase from $93 billion in 2015 to $318 billion in 2024, and the two-time ranking of its sovereign portfolio as the most transparent among multilateral development banks globally The SAPZ initiative is a flagship of the Bank's 'Feed Africa' strategy, launched by Adesina in 2015. The zones are being developed in 28 sites across 11 African countries, with the Nigerian program being the largest. The chairperson of the Ijaiye Farm Settlers Association, David Olatunji, described Saturday's groundbreaking ceremony as 'a memorable opportunity' for the community and the state. 'We have a lot of unbroken forests around us, and the farmers are ready to work!' he declared. Dr. Adebowale Adeyeye, an agripreneur specializing in soyabean and cashew production and processing, said: 'The SAPZ project in Ijaiye is a strategic boost for businesses like ours. With targeted government support in areas like power, road access, and security, it creates the kind of enabling environment we need to scale operations, reduce costs, and attract long-term investment. It's a move that will strengthen agribusiness value chains and enhance overall competitiveness.' The SAPZ Programme is working to transform Nigeria's rural economy into zones of prosperity, by facilitating industrial processing, expanding market access, and attracting private sector investment. The Zones are being developed in 28 sites across 11 African countries, with the Nigeria program being the largest. Dr. Kabir Yusuf, National Coordinator of SAPZ Nigeria, announced plans to expand the program to an additional 10 states from September 2025, marking the beginning of the second phase that will cover the remaining States in the country. Adesina was accompanied by senior Bank officials, including the Director General for Nigeria, Dr. Abdul Kamara; Senior Special Adviser on Industrialization, Prof. Oyebanji Oyelaran-Oyeyinka; and Director of Agricultural Finance and Rural Development Department, Richard Ofori-Mante. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
