Storms gather for refiners
Oil will remain the lifeblood of the transport sector for years, but refiners must prepare for its slow demise
The relatively low price of refined products across global markets, and particularly in the US, should ensure that refineries continue to experience strong demand for their output over the coming months. The longer-term picture is less certain. Demand for transport fuels has been firm in US and Asian markets largely because lower crude prices have translated directly into lower gasoline and diesel ones. Even in Europe, where higher fuel taxes limit price falls, consumption has ticked up. But the burst in demand since 2014 might be petering out, if only because there is a limit to how many extra miles motorists are prepared or able to drive, just because gasoline or diesel is cheaper. Increas
Also in this section
27 February 2026
LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
27 February 2026
The assumption that oil markets will re-route and work around sanctions is being tested, and it is the physical infrastructure that is acting as the constraint
27 February 2026
The 25th WPC Energy Congress to take place in tandem as part of a coordinated week of high-level ministerial, institutional and industry engagements
27 February 2026
The deepwater sector must be brave by fast-tracking projects and making progress to seize huge offshore opportunities and not become bogged down by capacity constraints and consolidation
