Middle East takes control of oil supply chain

The region, known for its crude output, has gone from product importer to exporter, easing supply worries in Europe and creating a supply glut in Asia and elsewhere

The Middle Eastern refining sector has undergone a significant transformation in recent years, with a notable impact not only on refined product output in the region and elsewhere but also on the quality of crude oil supply available globally. The Middle East's growing role in global refining has helped Europe mitigate the impact of the West's ban on Russian oil imports. However, the region's increasing supply of refined products is exerting downward pressure on diesel cracks now, particularly in Asia but also in other markets worldwide. The Middle East was a refined product importer only a few decades ago, despite being the largest exporter of crude oil. This has changed in recent years. Th