World’s oil refiners are struggling to make enough diesel: Here’s why
The world’s oil refiners are proving powerless to make enough diesel, opening a new inflationary front and depriving economies of a fuel that powers industry and transport alike.
While oil futures are rocketing — on Friday they were just below $95 a barrel in London — the rally pales in comparison with the surge in diesel. US prices jumped above $140 to the highest ever for this time of year on Thursday. Europe’s equivalent soared 60% since summer.
And it could get worse. Saudi Arabia and Russia have turned down the taps on production of crudes that are richer in diesel.
