Bloomberg Surveillance · Tuesday, July 21, 2026
The global supply of petroleum products is constrained by Ukrainian attacks on Russian refineries, impacting a third of Russian refining capacity, and hoarding of products by Asian countries like China. This, combined with disruptions in the Strait of Hormuz, creates a significant shortfall, making the US a key source for diesel and gasoline.
“And we have Ukraine hammering Russian refineries and we have to a third of Russian refining capacity being hit or being damaged by Ukrainian military activity.”
“On top of that, we have obviously a lot of oil patroleum products that go through the straight hormones. And then just to top that up, you have a lot of countries in Asia, starting with China, the world's largest refine toolkit, with the US hoarding petroleum products that not being active in the export market in order to protect their domestic economy.”
“So effectively, the US remains a place where you can come and by your diesel and gasoline if you don't have any.”