Attacks on Refineries Add to Global Fuel Shortage

Attacks on refineries are worsening a global fuel shortage as conflict disrupts fuel production in the Gulf and Russia.

The Houthis claimed responsibility for a recent attack on Saudi Arabia’s Ras Tanura refinery, which can process 550,000 barrels of oil a day, but Saudi authorities have not confirmed it was hit.

The damage follows Iranian retaliatory strikes on Gulf refineries and more than 100 Ukrainian drone attacks on Russian refineries in recent months.

About 30 Russian refineries have been targeted, and one consultancy estimates their combined capacity has fallen from 6.1 million to 1.6 million barrels a day.

Russia has banned diesel exports and restricted gasoline exports, while a planned shipment of 300,000 tonnes of Russian diesel to the US and international markets is small compared with global demand.

Higher fuel prices could persist into next year, and the danger of further attacks remains as Russia repairs facilities and tensions between the US and Iran continue.