In the Middle East, major refineries in Saudi Arabia, Bahrain, Kuwait and the United Arab Emirates remain either partially or entirely offline after the outbreak of the Iran conflict on February 28 triggered the closure of the Strait of Hormuz, opens new tab.
China, meanwhile, has sharply reduced refinery runs to compensate for the massive decline in imports during the Iran conflict. Across Asia, refiners have also been forced to reduce operations because of constrained crude supplies.
And Russia’s refining sector has been battered by sustained Ukrainian drone attacks, triggering domestic fuel shortages that have forced Moscow to curb diesel exports in a bid to contain soaring local prices.
That’s one way to force a move towards renewables
Realistically the only one we get under capital.