Persian Gulf Fuel Exports Recover to 58% of Pre-War Levels as Crude Flows Rebound to 98%
Updated
Updated · Yahoo Finance · Sep 30
Persian Gulf Fuel Exports Recover to 58% of Pre-War Levels as Crude Flows Rebound to 98%
3 articles · Updated · Yahoo Finance · Sep 30
Summary
About 3 million barrels a day of Persian Gulf refined products are flowing again, only 58% of pre-war levels even as crude exports have recovered to roughly 98%.
Roughly 2 million barrels a day of refinery outages in the Middle East are limiting supply, while diesel and gasoline shipments through the Strait of Hormuz face higher fire risk from Iranian militia threats.
Global diesel supplies were already tight because Ukrainian attacks cut Russian refining capacity and Moscow extended its diesel export ban through at least October; Russia supplied about 10% of world diesel exports before 2022.
US diesel averaged a record $6.41 a gallon on Wednesday, up 73% from a year earlier, pushing the White House to weigh a diesel export ban that could ease domestic prices but tighten the global market further.
Gasoline averaged $4.43 a gallon, keeping fuel costs politically sensitive less than 40 days before midterm elections.