Refining Margins Soar, Impacting Global Fuel Market
Update: 2025-11-20
Description
Refining margins for fuels like diesel and gasoline are at a two-year high, driven by a tightening market due to refinery closures, maintenance, unexpected repairs, and Ukrainian attacks on Russian oil facilities. The European Unions ban on Russian fuel imports and ongoing drone attacks on Russian refineries are exacerbating the situation, leaving countries like Brazil scrambling for new suppliers. The Dangote refinery in Africa is also facing operational challenges. Despite an oversupply of crude expected in the coming years, the strength in refining margins is expected to continue, making the outlook for crude oil prices less negative.
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