1. Global Supply and Demand

The world’s main production centers of fuel oil are concentrated in 

the Middle East, South America, Russia, and China. Global annual 

production is about 500 million metric tons, of which 300-400 million 

metric tons are traded on the open market. Data shows that the global 

consumption for marine fuel in recent years has reached 280 million 

metric tons; the Asia-Pacific region is seeing surging demand and is 

now the world’s biggest consumer of marine fuel, accounting for 45% 

of the global total.

There are four major marine fuel markets in the world: Asia (Singapore, 

China, Japan, and South Korea), Europe’s ARA (Amsterdam, 

Rotterdam, and Antwerp), the Mediterranean Sea region (Fujairah), 

and the Americas (U.S. East Coast). These regions are distinguished 

by their thriving maritime trade and freight shipping as well as the 

highly developed marine fuel market.

The global shipment of high sulfur fuel oil mainly follows three routes: 

from Europe to Singapore and the Gulf of Mexico, from the Middle East 

to Singapore and Northeast Asia, and from the Gulf of Mexico and 

Latin Americas (including Mexico, Venezuela, and Brazil) to Singapore 

and Northeast Asia.

Singapore is the world’s largest marine fuel consumption hub at a sales 

volume of 47.46 million metric tons in 2019. Thanks to its advantageous 

geographical location, adaptive economic policies, and a long-term 

commitment to its oil exchange market, Singapore has attracted almost 

all multinational oil companies and global trading companies to its local 

fuel oil market. Moreover, the blending components produced in other 

parts of the world also converge in Singapore, where they are blended 

and then sold as refined oil products.

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