Global diesel shortage: why Gulf refined fuel exports lag crude oil shipments

Global diesel prices remain near record highs due to a shortage of refined fuel exports from the Gulf region. This is despite a recovery in crude oil shipments and efforts by countries to release reserves. The Gulf's net diesel exports have fallen to just over a quarter of their pre-war levels, averaging 390,000 barrels per day in August, according to the International Energy Agency. This shortage is likely to continue to impact global fuel markets, driving up prices for consumers.

Why it matters

Gulf producers are struggling to restore refined-fuel exports, which could lead to higher profits for refiners. The shortage of diesel fuel is also driving up prices, which could benefit refiners.

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