Crude oil takes the headlines, but the refined oil market is under even greater pressure

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智通财经2026/07/24 15:01

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In recent months, crude oil prices have frequently made headlines, but the refined oil market—including gasoline, diesel, and jet fuel—is facing even more severe supply pressures, with the global refining industry being squeezed from multiple sides.
Disruptions in crude oil deliveries from the Middle East have directly impacted refinery feedstock supplies. At the same time, ongoing Ukrainian drone strikes on Russian energy infrastructure have forced partial shutdowns of refining capacity, further tightening the supply of refined oil products.
Although Indian refiners are ramping up production to fill the gap, the incremental capacity only brings marginal improvement to the strained global refined oil supply situation and is insufficient to fundamentally rebalance supply and demand.
The shortage of refined oil products is transmitted more directly to the real economy. Rising transportation costs will push up prices across various sectors. If refining bottlenecks persist, end-user energy price pressures may prove even more enduring and destructive than those from crude oil itself.

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Crude oil takes the headlines, but the refined oil market is under even greater pressure

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