Commodity Market Report

Singapore product markets long-term outlook H1 2020

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08 July 2020

Singapore product markets long-term outlook H1 2020

Report summary

Singapore had a net deficit of 532,000 b/d of total key products in 2019, as a result of large fuel oil and relatively small naphtha deficits, partially offset by surpluses of gasoline and middle distillates. The significant deficit in fuel oil is due to the high level of international marine bunker demand. Demand in Singapore is driven by fuel oil for marine bunkering. Singapore's status as a major international trade and transportation hub, as well as chemicals export centre, makes its demand profile unique, in that marine bunker fuels, aviation jet, and petrochemical feedstock uses together account for around 88% of overall oil demand. Total product demand in Singapore is forecast to decline slowly, at 0.5% per annum, to reach 1.39 million b/d in 2040. Singapore is foreseen to remain a key importer for compliant fuels to meet the large bunker market demand an exporter of clean petroleum products to growing regional deficit markets.

Table of contents

Tables and charts

This report includes 4 images and tables including:

  • Refineries in Singapore
  • Refinery throughputsandutilisation
  • Historical net product trade
  • Product balances – all supply versus demand

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    Singapore product markets long-term outlook H1 2020

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