Commodities
Aramco Refineries Hit Full Throttle Amid Global Fuel Price Spikes
Saudi Aramco, the world's largest oil company, says its refineries are running at maximum capacity to meet surging fuel demand. This comes as global supplies are tight due to conflicts in the Middle East and Ukraine.
Fuel prices have been rising sharply over recent months, with Europe's diesel benchmark trading above $150 a barrel. In the US, average retail gasoline prices remain above the $4-a-gallon pain point.
Aramco highlighted that there are few 'shock absorbers' left in the system to protect against higher fuel prices. The company warned that refineries outside of conflict zones are running flat out to meet demand.