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The applications of fuel oil as a heating fuel are driving its demand across the world. With exploration projects for petroleum increasing in number across the world, the fuel oil market is expected to increase with a greater supply. Intensive industrialisation in the Asia Pacific countries, particularly emerging economies like India and China can give a boost to the demand for fuel oil in the future. The rapid rise in population and urbanisation are also further increasing the demand. Since the major supply is from the Middle East and Africa sector, the supply is highly dependent on these countries’ oil export policies and the possibility of newer exploration projects being taken up. Overall, the general trend for the fuel oil market is expected to be positive for the forecast period.
You make a good point. Growing industrialisation, urbanisation, and population in countries like India and China will likely increase fuel oil demand. However, the market will also depend on supply from major exporting regions and future energy policies. Overall, the outlook for the fuel oil market still appears positive.
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