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Global energy companies report record refining margins amid diesel shortage
Global energy companies are reporting record-breaking refining margins driven by a severe shortage of diesel and refined fuels. This supply squeeze is attributed to geopolitical tensions in the Middle East, drone attacks on Russian refineries, and export restrictions from China and Russia.
Shell has forecast third-quarter refining margins of $42 per barrel, a significant increase from $24 in the previous quarter. Similarly, Repsol reported a 311% year-on-year increase in its refining margin, reaching $36.2 per barrel. In Spain, Petronor has seen its exports nearly quadruple due to the global demand for diesel.
Equinor also expects strong results for the third quarter, supported by high European refining margins and LNG trading. However, the shortage has broader economic implications; the South African Reserve Bank warns that elevated refining costs may keep fuel inflation high even if crude oil prices decline. In Europe, the crisis has led to discussions regarding increased use of biodiesel to reduce dependence on fossil fuels.
Entities
CNMV · Equinor · Josu Jon Imaz · Petronor · Repsol · Shell · TotalEnergies
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Daily production increased by 4.2% compared to the third quarter of the previous year. cronicadecantabria.com · noticiasbancarias.com · elperiodicodelaenergia.com
- [● 3 SOURCES] Repsol's refining margin reached 36.2 dollars per barrel in the third quarter. cronicadecantabria.com · noticiasbancarias.com · elperiodicodelaenergia.com
- [● 3 SOURCES] The refining margin increased by 158.6% compared to the second quarter of the year. cronicadecantabria.com · noticiasbancarias.com · elperiodicodelaenergia.com
- [● 2 SOURCES] The third-quarter refining margin represents a 311% increase compared to the same period last year. cronicadecantabria.com · noticiasbancarias.com
- [● 3 SOURCES] Total production rose to 574,000 barrels of oil equivalent per day during the third quarter. cronicadecantabria.com · noticiasbancarias.com · elperiodicodelaenergia.com