Storms gather for refiners
Oil will remain the lifeblood of the transport sector for years, but refiners must prepare for its slow demise
The relatively low price of refined products across global markets, and particularly in the US, should ensure that refineries continue to experience strong demand for their output over the coming months. The longer-term picture is less certain. Demand for transport fuels has been firm in US and Asian markets largely because lower crude prices have translated directly into lower gasoline and diesel ones. Even in Europe, where higher fuel taxes limit price falls, consumption has ticked up. But the burst in demand since 2014 might be petering out, if only because there is a limit to how many extra miles motorists are prepared or able to drive, just because gasoline or diesel is cheaper. Increas
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
