*Egypt reduced its fuel oil burn by 32% month-on-month to 67,000 b/d for April, down 38% year-on-year for the lowest month since October 2021, latest Jodi data indicate. Cairo last year ramped-up the use of fuel oil for power generation as it maxed money-spinning LNG exports (MEES, 21 April).
*While fuel oil burn began 2023 strongly at 114,000 b/d for January it has since fallen back (see chart 1) as spot LNG prices in the Mediterranean have slumped putting an end to the economic rationale of switching out gas burning in power plants in order to maximize LNG exports. LNG exports slumped to 350,000 tons for May – half the year-ago figure – with zero exports for the first three weeks of June according to figures from data intelligence firm Kpler (see chart 2). (CONTINUED - 526 WORDS)
