Global Fuel Supply Faces Shortfall

The article highlights the global fuel shortage crisis resulting from a decline in refining capacities. The world is currently experiencing a shortage of gasoline, diesel, and jet fuel, despite crude oil prices falling from their high levels during the US-Iran conflict. This problem is worsened by fuel inventories in major markets dropping to low levels, while refining margins have surged to unprecedented levels. The global refining capacity shortage continues due to geopolitical disruptions and reduced refinery operations, especially in the Middle East and Russia. Although crude oil prices recovered more quickly after the ceasefire between the US and Iran, the export of petroleum products is recovering slowly due to the need for refinery repairs and supply stabilization. Ongoing tensions in the region further increase the likelihood of prolonged fuel shortages and rising costs worldwide, particularly with winter approaching in Europe.

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