IEA Warns Global Oil Supply to Struggle to Meet 2023 Demand A wave of new oil refining capacity that’s coming on stream won’t be enough to solve a global shortage of diesel, jet fuel and similar petroleum products. That’s the takeway from the Paris-based International Energy Agency ’s monthly report on Wednesday, which shows that increased processing — as new plants come online — this year and next will fall well short of what’s needed to match demand for these so-called middle distillate fuels. “There is little hope that the undersupply will ease in the near future given strong demand growth and constrained refinery output,” the IEA said. The agency’s forecast for future refining processing is “not sufficient to fully meet middle distillates demand in 2022 or in 2023.” What that means is that even next year, refineries will still be making less middle distillate — a category that […]