Drivers
The increased development of hydrocarbon resources in offshore locations is boosting demand for bunker fuel. Rapidly expanding exploration operations, together with the increasing formation of new hydrocarbon reserves, have resulted in an increase in offshore and onshore reserves. Furthermore, increased oil and gas exploration operations in deep offshore locations are expected to boost bunker fuel market growth.
Market Restraints
Increasing fuel conservation attempts by the shipping industry in response to increased environmental concerns and the need to reduce carbon footprint are likely to stymie market expansion. For this shipping business, efficient technologies (MGO- Marine Gas Oil, MDO- Marine Diesel Oil, IFO- Intermediate Fuel Oil, MFO- Marine Fuel Oil, HFO- Heavy Fuel Oil) are being adopted, which can help to cut fuel consumption.
Bunker Fuel Market Report Snapshots
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