Fuel Oil Shortage Threatens Global Maritime Industry
The global maritime industry is facing a fuel shortage due to disruptions in oil refineries and transportation caused by wars in Russia and the Middle East. According to Energy Aspects, global demand for fuel oil could exceed supply by approximately 218,000 barrels per day in the third quarter of 2026.
Refineries are prioritizing production of more profitable products such as diesel, gasoline, and jet fuel over fuel oil, which is mainly used by ships and power plants. The conflict in Russia has reduced oil production, while the Middle East crisis has disrupted deliveries.
China has also reduced its refining activity and exports to protect its reserves, exacerbating the shortage. Asia is expected to be the most affected region due to its dependence on imports from Gulf countries.