Refineries eye record profits as diesel shortage may last into 2027

Summary

The Guardian reports that the global fuel shortage is expected to drag into 2027 and that refineries turning crude oil into diesel stand to make record profits. It says Donald Trump’s temporary sanctions reprieve for Russian diesel was criticized as too little, too late, with high prices linked to shutdowns of war-damaged refineries in the Middle East and Russia. Axios reports that Trump claimed a deal to increase Russian diesel exports and that the Treasury Department waived sanctions to help enable it, while analysts questioned whether the promised supply would meaningfully affect prices if Russia delivers.

Timeline

1. Axios

   13 Oct 2026, 12:36 UTCSource ↗

   Axios reports that Trump claimed a deal to increase Russian diesel exports and that the Treasury Department waived sanctions to help enable it, while analysts questioned whether the promised supply would meaningfully affect prices if Russia delivers.

2. The Guardian

   14 Oct 2026, 12:26 UTCSource ↗

   The Guardian reports that refineries turning crude oil into diesel stand to make record profits amid a shortage expected to last into 2027.