Oil majors resist pressure to invest in new refineries as fuel prices keep rising

Summary

According to the Financial Times, oil majors are resisting pressure to invest in new refineries even as fuel prices keep rising. The FT reports that conflicts in the Middle East and Ukraine have cut fuel production capacity and pushed refining margins sharply higher. This summary draws only on the FT's headline and standfirst; the article body was not available.

Timeline

1. Financial Times

   1 Nov 2026, 05:00 UTCSource ↗

   The FT reports that oil majors are resisting pressure to invest in new refineries as fuel prices keep rising, saying conflicts in the Middle East and Ukraine have slashed fuel production capacity and sent margins way up.