HomeIndustriesDiesel Prices Surge Amid Global Shortage

Diesel Prices Surge Amid Global Shortage

Diesel prices have surged above $140 in the U.S. as global oil refiners struggle to produce enough diesel to meet global demand. In Europe, diesel has surged by 60% over the course of the summer, and Saudi Arabia and Russia’s decision to extend their output cuts threatens to further impact this shortage.

“We’re at risk of seeing continued tightness in the market, especially for distillates, coming into the winter months,” Toril Bosoni, head of the oil market division at the International Energy Agency confirmed, admitting that “refineries are struggling to keep up.”

A hotter-than-expected summer in the Northern Hemisphere forced plants to run at a slower pace than usual, thereby also curbing diesel output. Callum Bruce, an analyst at Goldman Sachs Group Inc., confirmed that pressures to produce jet fuel and gasoline have also distracted refiners from their diesel production.

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