# Global refined oil product supply constraints > Live situation record from CLSTR: https://clstr.news/situations/global-refined-oil-product-supply-constraints > Updated: 2026-10-24T21:00:00.000Z. Sources: 5. Developments: 2. Global refining margins and consumer costs for products like diesel and gasoline have risen significantly, with total costs reaching between $140 and $180 per barrel. This trend is driven by a global refining capacity deficit exceeding 10%. Supply constraints are attributed to geopolitical factors and infrastructure damage. Middle Eastern refinery operations are approximately 25% below pre-February levels due to export restrictions and physical damage in the Strait of Hormuz and Bab al-Mandab. Russian refineries are operating at roughly 40% below capacity following drone attacks, and China has limited refined product exports since March. In the Singapore market, the price spread between high-sulphur fuel oil (HSFO) and Dubai crude surged above $10 per barrel in mid-October, a reversal from earlier discounts. This spike is linked to reduced supplies from Russia and the Middle East, alongside rising freight costs, which have reached approximately $36 per barrel for transporting HSFO from Europe to Asia. ## Timeline ### 2026-10-24: Singapore HSFO-Dubai crude crack exceeds $10 per barrel Singapore's HSFO-Dubai crude crack rose above $10/bbl in mid-October, driven by supply disruptions from Russia and the Middle East and surging freight costs for replacement cargoes. 3 sources. https://clstr.news/cluster/singapore-hsfo-dubai-crude-crack-exceeds-10-per-barrel ### 2026-10-23: Refining margins drive real oil costs above $140 per barrel High refining margins and a 10% global capacity deficit are pushing real consumer oil costs to $140–$180 per barrel, fueled by geopolitical tensions and supply constraints in Russia, the Middle East, and China. 2 sources. https://clstr.news/cluster/refining-margins-drive-real-oil-costs-above-140-per-barrel --- Cite as: Global refined oil product supply constraints. CLSTR, https://clstr.news/situations/global-refined-oil-product-supply-constraints