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
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
