Iran's war reveals industry fragility

An analytical report revealed that the US-Iran war led to the collapse of the global refining industry, causing the suspension of approximately 3.2 million barrels per day of refining capacity and a 30% decline in average refinery operating rates between March and June 2026. This was driven by oil supply shortages and security conflicts in the Gulf. Major regions such as the Middle East, Africa, and Asia were affected to varying degrees: Africa managed to compensate part of the shortfall by increasing imports, while Asia faced a larger gap in petrochemical materials, which raised the costs of supplies. The crisis demonstrated that the refining system is facing significant challenges, with around 760 refineries worldwide varying in capacity and resilience. This comes amid government initiatives to restructure the sector and improve efficiency, especially in light of regulatory pressures and changing environmental policies in Europe.

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