Global Energy Crisis Fuels Supply Disruptions and Price Spikes

Rising energy costs and supply disruptions are putting pressure on fuel markets worldwide, affecting production sectors and household budgets. According to the International Energy Agency (IEA), global oil production fell in August to about 100.1 million barrels per day, while more than 10 million barrels per day of Gulf-region production remained offline due to security risks.

Global refining volumes declined by about 4.2 million barrels per day compared with the previous year, and global oil inventories fell by about 95 million barrels in August. This has led to a sharp increase in refined fuel prices, particularly diesel, which is now trading at around $200 per barrel in some countries.

The energy crisis has also affected Syria, which faces a gap between domestic demand and available refining capacity. The country imports petroleum products at a rate of about 150,000 barrels per day, while its refining capacity stands at about 150,000 barrels per day. To address the shortage, the Syrian government is expanding diesel options based on use and specifications through three pricing categories.