Goldman Sachs Group warned that due to the Middle East war and the Russian-Ukrainian war, the global refining market is expected to tighten, and the bank will more than double its expectations for diesel production profits. “Increased attacks on refineries in the Middle East and Russia have further limited already tight global refining capacity and pushed the profit margin of refined oil products to new highs,” analysts Yulia Zhestkova Grigsby and Daan Struyven wrote in the report. “Diesel continues to be at the center of this round of growth.” They said that the level of refinery shutdowns was 60% higher than the normal seasonal level, and stocks of refined oil products were also declining despite some falling demand. Next year, the average profit per barrel of diesel in the US will be 63 US dollars higher than the price of Brent crude oil. This figure will be 49 US dollars in the EU, higher than the previous forecast of 27 US dollars and 19 US dollars, respectively.

Goldman Sachs Group warned that due to the Middle East war and the Russian-Ukrainian war, the global refining market is expected to tighten, and the bank will more than double its expectations for diesel production profits. “Increased attacks on refineries in the Middle East and Russia have further limited already tight global refining capacity and pushed the profit margin of refined oil products to new highs,” analysts Yulia Zhestkova Grigsby and Daan Struyven wrote in the report. “Diesel continues to be at the center of this round of growth.” They said that the level of refinery shutdowns was 60% higher than the normal seasonal level, and stocks of refined oil products were also declining despite some falling demand. Next year, the average profit per barrel of diesel in the US will be 63 US dollars higher than the price of Brent crude oil. This figure will be 49 US dollars in the EU, higher than the previous forecasts of 27 US dollars and 19 US dollars, respectively.