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Fuel oil is a fraction of crude oil, lighter than naphtha and petrol, obtained during fraction distillation during the refining of petroleum. Since the primary uses include heat generation and power generation in electricity generation, agriculture, commercial and residential purposes, the overall demand for fuel oil increases with increase in population and rising spending capabilities. Despite some constraints like disruption of supply during the COVID-19 pandemic and governmental regulations on crude oil due to its unsustainable nature, the overall demand is expected to rise in the forecast period 2021-2026.
The Middle East has been the primary supplier of crude oil and price variations are highly dependent on the supply from petroleum-producing countries from this region. There is high demand from countries in the Asia Pacific, especially India and China, where industrialisation is causing such a rise in the demand. The discovery of shale oil fields across North America and Africa are also expected to increase the supply of fuel oil. Across the world, Brazil, South Africa, and Chile have a high share in the fuel oil market, following the major oil-producing OPEC countries.
A major player in the fuel oil market is Royal Dutch Shell plc (NYSE: RDS.A) which is a multinational oil and natural gas company. In 2021, it entered into an agreement to sell its non-core Canadian assets in order to create finances for its other operations. Overall, the general trend in the fuel oil market appears to be mild but consistent growth in the forecast period.
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The major players in the global fuel oil market are ALICID ORGANIC INDUSTRIES LTD., Chevron Corporation, Public Joint Stock Company Gazprom., Qatar Petroleum, and Royal Dutch Shell Plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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