Oil shortages escalate from wars in Iran and Ukraine, with few signs of relief
Cooking gas and diesel fuel are among the oil products whose supply levels have been affected already. Here’s why to expect long-term shortages.
The global energy crisis, sparked by conflicts in Iran and Ukraine, is poised to intensify. Ongoing attacks against energy infrastructure in the Middle East and Russia are exacerbating the situation. Ukraine's drone strikes have crippled major Russian refining facilities, reducing the country's fuel production by potentially 30% to 60%.
Meanwhile, Iran's continuous aggression has severely damaged Middle Eastern oil refining capacity, with over 1.2 million barrels per day currently offline. The combined effect could lead to a global oil shortage, as the world scrambles to cope with dwindling supplies.
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