Oil Refineries Become Prime Targets as Global Fuel Shortage Worsens
Ten years ago, European countries were closing refineries while Gulf oil states were building new ones. Now, many of these refineries have been damaged in the war between the U.S. and Israel, and Iran. Fuel output from one of the biggest refining regions is not going to be coming back soon. Neither is full refining capacity from one of the world’s top fuel exporters, Russia. Earlier this week,…
As the global fuel shortage intensifies, oil refineries have become prime targets. The war between the U.S. and Israel, coupled with Iran's retaliatory strikes, has damaged many refineries in the region. This has led to reduced refining capacity from Russia, the world's top fuel exporter, and the Yemeni Houthis attacking Saudi infrastructure.
The International Energy Agency's Fatih Birol warned that prices will remain high due to the lack of refineries to process crude oil. The Russian government has been repairing its refineries, increasing production by 25%, but this is not enough to alleviate the supply crisis. Iran and the U.S. are threatening further military action, which could target Gulf refineries and exacerbate the situation.
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