Fuel Oil Export of Portugal: The Trade Analysis of 2024

Fuel oil is a heavy petroleum-based fuel, a type of residual or blended product left after petroleum refining. It is the topmost preference of the globally leading traders because of the lack of advanced refining facilities in different central regions across the globe. The high demand from shipping and power sectors, accompanied by the low-cost energy source for industries it provides, has maintained continuity in the global trade of fuel oils. Portugal Import Data says, the country in southeastern Europe, bordered by Spain in the east-north direction, have emerged as a gradually leading contributor to the worldwide export market of fuel oils due to the government export promotion programs and the export credit and financing supports.

The compliance of the country with the European Union and the efficient supply chain integration have resulted in a total valuation of fuel oil exports worth 649 million US dollars in 2024. The proximity of the country to EU energy markets and the significant exports to the United States have benefited the overall trade revenue. Subscribe to ImportGlobals, the leading Portugal importexport trade provider, to stay updated with the latest information regarding the fuel oils export of the nation via the Portugal Trade Data.

GOVERNMENT INITIATIVE SUPPORTING THE EXPORT OF FUEL OILS FROM PORTUGAL IN 2024

AICEP export promotion and internationalization support has expanded the market reach while increasing the export opportunities. The COMPETE 2030 external promotion funding has increased the visibility of the Portuguese refined fuel products while significantly contributing to the export growth.

The export and competitiveness support launched by the government authorities, encompassing export finance lines like BPF, has improved the access of the country to financing while reducing the risk for fuel oil exporters. Export credit and insurance enhancement has lowered the financial barriers while diversifying the export markets. The expanded AICEP funding for internationalization actions has increased resources for sector-specific export promotion.

THE LEADING VARIANTS OF FUEL OILS EXPORTED FROM PORTUGAL IN 2024

Portugal, due to its integration into the EU trade agreements and the skilled energy sector workforce, has reported a diversity in its overall global trade output. According to the Portugal Export Data, the topmost variants of fuel oils exported from the nation in 2024 are,

  • Heavy Fuel Oil (HFO) — The annual valuation of Heavy Fuel Oil (HFO) exported from Portugal in 2024–125 million US dollars
  • Low-Sulfur Fuel Oil (LSFO)- The annual valuation of Low-Sulfur Fuel Oil (LSFO) exported from Portugal in 2024–87 million US dollars
  • Very Low Sulfur Fuel Oil (VLSFO)- The annual valuation of Very Low Sulfur Fuel Oil (VLSFO) exported from Portugal in 2024–75 million US dollars
  • Marine Fuel Oil (Bunker Fuel)- The annual valuation of Marine Fuel Oil (Bunker Fuel) exported from Portugal in 2024–48 million US dollars
  • Industrial Fuel Oil- The annual valuation of Industrial Fuel Oil exported from Portugal in 2024–39 million US dollars
  • Residual Fuel Oil- The annual valuation of Residual Fuel Oil exported from Portugal in 2024–28 million US dollars
  • Blended Fuel Oil- The annual valuation of Blended Fuel Oil exported from Portugal in 2024–22 million US dollars
  • Furnace Fuel Oil- The annual valuation of Furnace Fuel Oil exported from Portugal in 2024–18 million US dollars
  • Diesel Blend for Industrial Use- The annual valuation of Diesel Blend for Industrial Use exported from Portugal in 2024–15 million US dollars
  • Lubricant Base Fuel Oil- The annual valuation of Lubricant Base Fuel Oil exported from Portugal in 2024–14 million US dollars

TOPMOST EXPORT TRADE PARTNERS OF PORTUGAL IN 2024

The government authorities’ flexible payment terms introduced and the long-term export contracts have promoted the bilateral relationships of the country with the topmost investing regions. According to the Portugal Customs Data, the topmost variants of fuel oils exported from the nation and the partners investing in 2024 are,

  • Spain — The total valuation of fuel oils exported from Portugal to Spain in 2024–108 million US dollars

Top 5 variants of fuel oils exported

  • Furnace Blend Fuel
  • Marine Residual Blend
  • High Viscosity Fuel Oil
  • Low Viscosity Fuel Oil
  • Ultra-Low Sulfur Fuel Oil
  • France- The total valuation of fuel oils exported from Portugal to France in 2024–65 million US dollars

Top 5 variants of fuel oils exported

  • Synthetic Fuel Oil
  • Bio-Fuel Blended Oil
  • Heavy Distillate Fuel Oil
  • Light Distillate Fuel Oil
  • Petroleum Residual Fuel
  • Germany- The total valuation of fuel oils exported from Portugal to Germany in 2024–58 million US dollars

Top 5 variants of fuel oils exported

  • Low-Sulfur Residual Fuel Oil
  • Furnace Oil 180
  • Furnace Oil 380
  • Industrial Diesel Fuel
  • Thermal Oil
  • United States- The total valuation of fuel oils exported from Portugal to United States in 2024–47 million US dollars

Top 5 variants of fuel oils exported

  • Marine Diesel Oil (MDO)
  • Marine Gas Oil (MGO)
  • Bitumen Residual Oil
  • High-Sulfur Residual Fuel Oil
  • Low-Sulfur Residual Fuel Oil
  • Netherlands- The total valuation of fuel oils exported from Portugal to the Netherlands in 2024–39 million US dollars

Top 5 variants of fuel oils exported

  • Vacuum Residual Fuel Oil
  • Straight Run Fuel Oil
  • Coker Fuel Oil
  • FCC Cycle Oil Blend
  • Hydrotreated Fuel Oil
  • Italy- The total valuation of fuel oils exported from Portugal to Italy in 2024–28 million US dollars

Top 5 variants of fuel oils exported

  • High Flash Point Fuel Oil
  • Low Flash Point Fuel Oil
  • Boiler Fuel Oil
  • Power Plant Fuel Oil
  • Asphalt Flux Oil
  • United Kingdom- The total valuation of fuel oils exported from Portugal to United Kingdom in 2024–22 million US dollars

Top 5 variants of fuel oils exported

  • Stove Oil
  • Kerosene Fuel Oil
  • Aviation Turbine Fuel
  • Gas Oil
  • High Flash Point Fuel Oil
  • Belgium- The total valuation of fuel oils exported from Portugal to Belgium in 2024–18 million US dollars

Top 5 variants of fuel oils exported

  • Lubricant Base Fuel Oil
  • Extra Heavy Fuel Oil
  • Light Fuel Oil (LFO)
  • Stove Oil
  • Kerosene Fuel Oil
  • Angola- The total valuation of fuel oils exported from Portugal to Angola in 2024–16 million US dollars

Top 5 variants of fuel oils exported

  • Residual Fuel Oil
  • Blended Fuel Oil
  • Furnace Fuel Oil
  • Diesel Blend Fuel Oil
  • Lubricant Base Fuel Oil
  • Morocco- The total valuation of fuel oils exported from Portugal to Morocco in 2024–14 million US dollars

Top 5 variants of fuel oils exported

  • Heavy Fuel Oil (HFO)
  • Low-Sulfur Fuel Oil (LSFO)
  • Very Low Sulfur Fuel Oil (VLSFO)
  • Marine Fuel Oil (Bunker Fuel)
  • Industrial Fuel Oil

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