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. 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, the secretary-general of the International Energy Agency Fatih Birol warned that crude oil and natural gas prices will remain elevated next year as well, "and the prices for products are even much higher."

Indeed, the prices for products are even much higher, because while producing countries couldand havefound workarounds for their crude, such workarounds are not possible for refined product because with them, it's not a matter of logistics.