The Global Mazut Market was valued at USD 45.2 Billion in 2023 and is projected to reach USD 58.7 Billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 3.8% during the forecast period (2024–2029). This steady growth is primarily driven by persistent demand from the power generation sector in emerging economies, the shipping industry’s reliance on heavy fuel oils, and its use as a primary feedstock in various industrial processes.

Mazut, a viscous residual fuel oil, remains a critical energy source for heavy industries and power plants, particularly in regions with less stringent environmental regulations. As global energy dynamics evolve, the key players in the Mazut market are navigating the transition towards cleaner fuels while continuing to meet the substantial demand for this cost-effective energy source. In this blog, we profile the Top 10 Companies in the Mazut Industry—a group of integrated energy giants and national oil companies that dominate the production and distribution of this pivotal fuel.

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🔟 1. Royal Dutch Shell Group

Headquarters: London, United Kingdom
Key Offering: Heavy Fuel Oil (HFO), Mazut M100, Marine Fuels

Shell is a global leader in the energy sector with a significant footprint in the heavy fuel oil market. The company’s extensive refining network produces substantial quantities of Mazut, which is supplied to power plants, industrial facilities, and the marine sector. Shell’s integrated supply chain ensures reliable delivery to key markets worldwide.

Strategic Initiatives:

• Focus on optimizing residue upgrading in refineries

• Investment in marine fuel compliance solutions (e.g., Very Low Sulphur Fuel Oil – VLSFO)

• Gradual portfolio transition towards lower-carbon energy sources

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9️⃣ 2. ExxonMobil Corporation

Headquarters: Irving, Texas, USA
Key Offering: Residual Fuel Oil, Industrial Fuel Oils

ExxonMobil, one of the world’s largest publicly traded energy providers, has a major presence in the Mazut market through its sophisticated refining operations. The company supplies residual fuels to a diverse industrial client base and is actively managing its product slate in response to evolving market and regulatory pressures.

Strategic Initiatives:

• Advanced refining technologies to manage heavy crude yields

• Strategic divestment of certain refining assets to focus on higher-value products

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8️⃣ 3. Chevron Corporation

Headquarters: San Ramon, California, USA
Key Offering: Chevron Heavy Fuel Oil, Bunker Fuels

Chevron is a key player in the global energy market, with its refining system producing Mazut and other residual fuels. The company serves industrial and marine customers, leveraging its global supply and trading capabilities to meet demand in various regions, particularly in Asia and the Americas.

Strategic Initiatives:

• Refinery investments to enhance crude flexibility and product yield optimization

• Focus on carbon efficiency and reducing the carbon intensity of its operations

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7️⃣ 4. BP plc

Headquarters: London, United Kingdom
Key Offering: BP Residual Fuel, Marine Fuel Oils

BP’s refining segment is a significant source of Mazut supply, catering to the power generation and shipping industries. The company is actively transforming its business, balancing its traditional oil and gas portfolio with investments in energy transition while continuing to serve existing fuel oil markets.

Strategic Initiatives:

• Portfolio high-grading, including the divestment of some refining assets

• Development of low-carbon biofuel and hydrogen projects alongside traditional operations

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6️⃣ 5. TotalEnergies

Headquarters: Paris, France
Key Offering: Total Heavy Fuel Oil, HFO for Power and Marine

TotalEnergies is a major integrated energy company with a strong refining presence in Europe and other regions. The company produces Mazut as part of its refinery output and supplies it to utilities and industrial users, while simultaneously advancing its multi-energy strategy.

Strategic Initiatives:

• Conversion of the Grandpuits refinery in France to a bio-refinery, reducing conventional fuel oil output

• Investment in LNG as a marine fuel alternative to traditional HFO

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5️⃣ 6. CNRL (Canadian Natural Resources Limited)

Headquarters: Calgary, Alberta, Canada
Key Offering: Heavy crude oil, Bitumen-derived fuel oils

As one of North America’s largest oil and natural gas producers, CNRL’s operations in the Canadian oil sands yield significant volumes of heavy hydrocarbons that feed into the Mazut and heavy fuel oil market. The company’s upgrading and refining capabilities are critical to its product slate.

Strategic Initiatives:

• Focus on thermal in-situ oil sands extraction and upgrading

• Emphasis on cost reduction and operational efficiency in heavy oil production

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4️⃣ 7. Petrobras (Petróleo Brasileiro S.A.)

Headquarters: Rio de Janeiro, Brazil
Key Offering: Fuel Oil BPF, Maritime Fuel Oils

Petrobras, Brazil’s state-controlled oil company, is a dominant player in the Latin American Mazut market. Its extensive refining network supplies fuel oil primarily to the domestic power sector and industrial consumers, playing a vital role in the country’s energy matrix.

Strategic Initiatives:

• Refinery modernization and expansion plans (REFTOP program)

• Strategic focus on deepwater pre-salt oil production and refining integration

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3️⃣ 8. Lukoil

Headquarters: Moscow, Russia
Key Offering: Mazut M100, High-Sulphur Fuel Oil (HSFO)

Lukoil is one of Russia’s largest oil companies and a major global exporter of Mazut, particularly the M100 grade. The company’s refineries produce significant volumes of fuel oil supplied to domestic power stations and for export to international markets, including Europe and Asia.

Strategic Initiatives:

• Investment in refinery upgrades to improve depth of processing and reduce heavy fuel oil yield

• Diversification of export markets amid changing trade flows

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2️⃣ 9. Sinopec (China Petroleum & Chemical Corporation)

Headquarters: Beijing, China
Key Offering: Fuel Oil, Industrial Mazut

Sinopec is one of the world’s largest refining companies by capacity. While China’s domestic demand for Mazut has been declining due to environmental policies, Sinopec remains a key supplier to the domestic industrial sector and a participant in the regional fuel oil market.

Strategic Initiatives:

• Aggressive refinery upgrading and residue hydrocracking projects to minimize fuel oil output

• Shift towards producing more chemical feedstocks and lighter distillates

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1️⃣ 10. PDVSA (Petróleos de Venezuela, S.A.)

Headquarters: Caracas, Venezuela
Key Offering: Venezuelan Fuel Oil, Orimulsion (historically)

PDVSA, despite facing severe operational and political challenges, sits on the world’s largest proven oil reserves, predominantly heavy and extra-heavy crude. The company has historically been a major producer and exporter of fuel oil and specialized products like Orimulsion, though current output is significantly constrained.

Strategic Initiatives:

• Efforts to restore and maintain production from its heavy oil belts

• Focus on securing diluents and investment to sustain upstream and refining operations

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🌍 Outlook: Navigating a Transitioning Market for Residual Fuels

The Mazut market is at a pivotal juncture, caught between persistent demand from cost-sensitive industries and the global push for cleaner energy. While the long-term trend points towards a gradual decline in many developed markets, demand in certain regions and sectors is expected to remain robust for the foreseeable future. The key suppliers profiled above are therefore balancing short-term market opportunities with long-term strategic pivots.

📈 Key Trends Shaping the Market:

• Stricter environmental regulations (e.g., IMO 2020) driving demand for very low sulphur fuel oil (VLSFO) over traditional high-sulphur Mazut

• Refinery upgrades and residue conversion capacity investments reducing the global yield of straight-run fuel oil

• Geographical shift in demand, with growth concentrated in parts of Asia, the Middle East, and Africa

• Increasing use of fuel oil for power generation during peak demand periods or as a backup for intermittent renewables

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The companies leading the Mazut industry are not only managing a complex and vital global supply chain—they are actively shaping the energy transition, evolving their portfolios to meet tomorrow’s energy needs while serving today’s market realities.