Energy Crisis Driving Europe Toward Fuel Oil, Biomass

Amidst the energy crisis in Europe and high natural gas prices, countries in Europe, Asia, and the Middle East are increasingly turning to alternate fuel sources for power and heating needs. It's estimated that demand could rise by 1 MMb/d as countries switch to burning fuel oil for power - with about 300 Mb/d of that demand in Europe. 

Additionally, the wood-pellet market is going crazy recently as prices have been driven up in Europe. Though emissions-wise, wood is no cleaner than coal, it does count toward renewable-energy targets based on current European rules.