Over the last two months, refineries and fuel storage facilities around the world have caught fire due to war (Russia) or accident (Australia, the United States, India and Mexico), adding more pressure to stressed oil and gas supply chains.
Global production of refined oil is normally around 100 million barrels a day. But this is under real strain. When Iran closed the Strait of Hormuz in February, it prevented 25% of global seaborne oil exports leaving the region. Iran also responded to strikes by the United States and Israel by launching attacks on oil and gas infrastructure in neighbouring states.
Ukraine’s recent attacks on Russian oil refineries have driven Russian output 12% lower than last year’s figures.
