IEA warns global diesel shortage to stretch into 2027 as refiners eye record profits

The International Energy Agency warned a global diesel shortage will persist into 2027, with Western refiners poised to post record profits.

• The IEA forecast global oil demand will fall 2.6 million barrels a day in 2026, with supply down 5.8 million barrels a day from normal levels.
• Trump announced a temporary sanctions reprieve allowing US imports of Russian diesel to lower pump prices.
• TotalEnergies reported second-quarter refining and chemicals income of $1.8bn, more than quadrupling from the prior year.
• The IEA said the shift to diesel could create a surplus in early 2027 and set up a supply squeeze on gasoline.