Goldman Sachs Group has increased its warning, saying that the Middle East conflict and the Russian-Ukrainian conflict are leading to tighter supply in the global refining market, and that the bank has more than doubled the expected profit from diesel production. Analysts, including Yulia Zestkova Griggsby and Dan Struyven, said in the report: “The increase in attacks on refineries in the Middle East and Russia has further limited already tight global refining capacity, driving profit margins on refined oil products to new highs. Diesel is still at the core of this upward trend.” Analysts say the scale of refinery shutdowns is 60% higher than normal seasonal levels, and stocks of refined oil products are still declining even though some demand falls. The average production profit per barrel of diesel in the US versus Brent crude oil is expected to be $63 next year, and the EU is $49, after forecasts of $27 and $19, respectively. The world is facing a fuel crisis, and the price increase of refined oil products such as gasoline far exceeds that of crude oil. Russia extended the ban on diesel exports until September. Coupled with a recovery in demand from Brazil, the world's second-largest importer, the tight supply situation may further intensify. Meanwhile, demand for heating fuel will rise as winter approaches in the northern hemisphere.

Goldman Sachs Group has increased its warning, saying that the Middle East conflict and the Russian-Ukrainian conflict are leading to tighter supply in the global refining market, and that the bank has more than doubled the expected profit from diesel production. Analysts, including Yulia Zestkova Griggsby and Dan Struyven, said in the report: “The increase in attacks on refineries in the Middle East and Russia has further limited already tight global refining capacity, driving profit margins on refined oil products to new highs. Diesel is still at the core of this upward trend.” Analysts say the scale of refinery shutdowns is 60% higher than normal seasonal levels, and stocks of refined oil products are still declining even though some demand falls. The average production profit per barrel of diesel in the US versus Brent crude oil is expected to be $63 next year, and the EU is $49, after forecasts of $27 and $19, respectively. The world is facing a fuel crisis, and the price increase of refined oil products such as gasoline far exceeds that of crude oil. Russia extended the ban on diesel exports until September. Coupled with a recovery in demand from Brazil, the world's second-largest importer, the tight supply situation may further intensify. Meanwhile, demand for heating fuel will rise as winter approaches in the northern hemisphere.