Diesel Crisis Likely to Stay Unfixed by Oil Refining Revival
- Net additions to global refining capacity this year and next
- Increased refinery processing still won’t balance fuel markets
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A wave of new oil refining capacity that’s coming on stream won’t be enough to solve a global shortage of diesel, jet fuel and similar petroleum products.
That’s the takeway from the Paris-based International Energy Agency’s monthly report on Wednesday, which shows that increased processing -- as new plants come online -- this year and next will fall well short of what’s needed to match demand for these so-called middle distillate fuels.