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Asia markets for both very low sulphur fuel oil (VLSFO) and 380-cst high sulphur fuel oil (HSFO) softened, while the hi-five spread was largely range-bound. Spot premiums and timespreads inched lower for both grades.
Shell CEO Wael Sawan stated on Tuesday that the company sees its competitive advantage in Venezuela lying with natural gas rather than heavy oil, and that Shell will continue to explore further opportunities in the country. Venezuela signed five agreements with Shell in June to advance oil and gas projects.