As Europe and the U.S. cut their dependence on Russian petroleum, they are facing shortages at home. That’s opening opportunities for mega-refineries in places like China and Kuwait.
The shortage comes at a time when supply crunches in nearly all the world’s energy markets have worsened inflation and stifled growth.
Airlines contribute more than 2% of the world’s carbon emissions and lag almost all other sectors in green commitments.
India and China took a combined 2.7 million barrels a day of Russian crude and products last month, according to Morgan Stanley.
Despite rising crude prices, margins for producing diesel and gasoline have surged to near pre-pandemic levels as inventories run low across the world.
The diesel market in Asia has tightened as reduced supplies from China coincided with production disruptions and surging demand in economies rebounding from the pandemic.
The drawn-out timelines highlight the difficulties facing Asia and the likely consequences for jet fuel, a traditionally prized part of the oil products market.
Firms are having to make a decision on how best to refine their oil to meet current demand amid the coronavirus pandemic.
