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IEA: Diesel shortage extends to 2027
The International Energy Agency has warned that the global diesel crisis will persist until the second half of 2027, due to the repercussions of the war in the Middle East affecting supplies, despite expectations of refinery production recovery. It clarified that the diesel availability will remain limited until that time, with inventories possibly continuing to be depleted without replenishment until the end of 2027. Global diesel exports decreased in September by 700,000 barrels per day year-over-year, mainly due to reduced supplies from Russia and the Middle East by about 1.3 million barrels per day— this decline has been only partially offset by increased sources elsewhere. Despite rising prices that have generally led to a decline in overall oil demand, demand for diesel has remained strong because its consumption has not significantly responded to price changes and government measures aimed at easing consumer burdens. Indicators point to the need for additional supplies, especially as diesel prices have hit record levels, exceeding $200 per barrel in Singapore and $220 in Europe and the United States.
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