11:29 - 9.09.2026

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September 9, Fineko/abc.az. Analysts and traders warn of a worsening global diesel deficit in the coming months, driving fuel prices higher and suppressing demand. Prolonged geopolitical conflict in the Middle East alongside drone strikes on Russian refineries have slashed fuel exports from both major refining hubs by 2 million barrels per day each. Speaking at the Asia Pacific Petroleum Conference, Vitol Group CEO Russell Hardy noted that alternative refineries are operating near peak capacity, forcing consumers to draw down middle distillate inventories to unsustainable levels.

The surge in benchmark ICE gasoil futures has more than doubled the gains seen in Brent crude, adding fresh inflationary pressures to the global economy. Retail diesel prices in the US have already surpassed their previous peak from June 2022. Moreover, prolonged operation at maximum utilization increases the vulnerability of refining equipment to unplanned outages. Kuwait Petroleum executive Sheikh Khaled Al-Sabah cautioned that if the global refining system manages to hold through the end of the year it will be a major success, warning of imminent severe market shortages.