Oil drums

A wave of new oil refining capacity that is coming on stream will not be enough to solve a global shortage of diesel, jet fuel and similar petroleum products, according to International Energy Agency (IEA) report published June 15.

 

Increased processing -- as new plants come online -- this year and next will fall short of what is needed to match demand for the so-called middle distillate fuels, Bloomberg reported, citing the IEA report.

 

The agency said the future oil refining operations will likely not be sufficient to fully meet the demand for middle distillates in 2022 or 2023.

 

In the past weeks, prices for middle distillates have soared due to an unprecedented shortage, which has increased petrol costs at the gas station.

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