Fuel oil is mainly produced in the Middle East, Russia, South America, and China. The global annual output is around 500 million metric tons, of which 300 to 400 million metric tons are traded on the open market. Fuel oil supply has been declining in recent years. This is mainly due to falling production output resulting from the upgrade of refining facilities worldwide, which has enabled deeper and more refined processing of fuel oil and increased the capacity for secondary refining.

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