News about diesel

Even as crude oil flows out of the Strait of Hormuz recover, the global diesel shortage persists because refinery output in the Middle East and Russia remains constrained and other suppliers cannot fully offset the loss. Diesel prices hit records in mid-September, and the G7's promised release of 100 million barrels offers no easy fix. The IEA expects the crunch to extend into mid-2027, as gasoil supply falls short of demand and inventories are unlikely to be rebuilt before the second half of 2027. Global diesel exports fell 700,000 bpd in September from a year earlier, and diesel accounts for 25% of the expected 2.6 million bpd drop in global oil demand this year. Diesel prices have eased from September's peak above $200 a barrel but remain nearly double crude prices.