Europe's response to falling fuel output
Oil refineries in Europe and the United States are facing concurrent pressures due to disrupted supplies from Russia, rising energy prices, and shipping disruptions caused by the US-Iran war. This situation is leading to a potential decline in European refining capacity by up to 20% by 2035, while fuel prices have increased by as much as 70% since the start of the conflicts. Europe heavily relies on imported diesel from abroad, especially from the Gulf and the Middle East, while the United States expects its production capacity to decrease by 7%, despite efforts to implement projects to boost refining. The stability of the market depends on the end of the Iranian and Ukrainian wars, as Europe seeks to compensate for the shortage by sourcing from Asia and Africa amid rising oil product prices.
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