Global Fuel Oil Shortage Deepens as Middle East and Russia Supplies Collapse

Global fuel oil supply is shrinking while demand for the fuel from the shipping industry remains robust, suggesting further supply pain down the road. Exports of high-sulfur fuel oil from the Middle East are running at a rate that is at least 800,000 tons a month lower than it was before the war, the head of Asian operations at Vitol said at an industry event. “Producers are paying higher freight rates and more risk premiums to shuttle cargoes out of Hormuz, recognising the importance of oil revenues to their national budgets,” Kieran…