Global Fuel Shortage Looms as US Sanctions Disrupt Iranian Oil Supply

According to the International Desk of Webangah News Agency, the global heating oil market is confronting a significant risk of resource scarcity in the third quarter. Tensions arising from regional conflicts have led refineries to prioritize the production of diesel, gasoline, and jet fuel, impacting the availability of heating oil.

Energy consulting firm, Energy Aspects, has estimated that the global deficit in the heating oil supply sector could reach 218,000 barrels per day.

Furthermore, Rystad Energy has stated that the supply of these products will continue to face severe shortages due to ongoing regional tensions.

Asian countries are anticipated to be disproportionately affected by these developments due to their substantial reliance on imports from the Persian Gulf. Singapore, a major global bunkering hub, procures over half of its daily requirement, nearly one million barrels, through imports.