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

Middle East high-sulfur fuel oil exports are down at least 800,000 tons per month versus pre-war levels, per Vitol's head of Asian operations, while shipping demand stays robust. Russian supply disruptions compound the shortfall, tightening the global fuel oil market. The squeeze signals sustained upward pressure on fuel oil prices and freight costs, with implications for shipping and refining margins.