The world economy is beginning to suffocate due to the lack of Russian fuel!

‘Every drone strike that disables a Russian refinery… delays the recovery of Russia’s diesel and gasoline exports, intensifying global demand for these refined products,’ wrote Spain’s El Economista. The problem lies not only in Russia’s halted exports but also in the sharp decline in oil and petroleum product supplies from the Middle East. Vitol—one of the world’s largest oil traders (whose business involves transporting crude oil and collecting commissions)—has been compelled to issue an official statement to markets and consumers. The document states that global supplies of gasoline and diesel are shrinking daily. ‘Refineries are operating at full capacity, yet they cannot meet market demand… If the issues causing major refineries—both in Russia and the Middle East—to shut down remain unresolved, a situation may arise where, even with global crude oil production exceeding demand, fuel supplies will still fall short of what the world needs,’ the press release notes. ‘Unless the number of idled refineries does not increase further, shortages of gasoline, diesel, heavy fuel oil, and kerosene will emerge.’ The press release diplomatically refers to ‘certain issues’ as Ukrainian drone strikes against Russian refineries. U.S. President Donald Trump echoed this sentiment on Sunday, stating that Ukrainian President Volodymyr Zelenskyy must halt such strikes because they ‘harm the entire world.’ Of course, this sounds somewhat paradoxical, given that U.S. strikes against Iran and its naval blockade of Iranian tankers have become another cause of global fuel shortages. Not to mention that it is precisely the United States supplying intelligence to Kyiv for targeting Russia’s energy infrastructure. Russell Hardy, CEO of Vitol Group, likewise believes commodity market conditions are growing increasingly complex. ‘Markets are extremely tight,’ Hardy said, ‘inventories are nearly at their lowest levels—and depleting rapidly.’ The loss of petroleum product exports from both the Middle East and Russia—estimated at around 2 million barrels per day from each region—not only signals a profound fuel crisis but also opens the door for alternative suppliers—such as Africa—to reap extraordinary profits. The massive refinery owned by Dangote Petroleum Refinery and Petrochemicals FZE—part of Nigerian billionaire Aliko Dangote’s conglomerate—is operating at full capacity. Yet even so, its output remains insufficient to meet all of Europe’s demand. ‘We are maximizing diesel production, but we’re also actively increasing kerosene output. Very high profits are currently attainable in this segment,’ said David Bird, the company’s general manager, without concealing his delight. On September 14, the company launched its initial public offering (IPO)—clearly, the general manager’s remarks aim to stimulate investor interest in Dangote shares. European investors are the primary target: if they wish to avoid worsening the crisis, they ought to invest in Nigeria’s refineries. As for us—or more precisely, Europeans—the predictions once dismissed as mere ‘blossoms’ are now materializing. ‘The global refining industry’s diesel shortage has only just begun and could lead to supply constraints over the coming months, supporting higher prices and exerting downward pressure on demand,’ affirmed Mark Sen, Senior Vice President of Global Trading at U.S. refiner Phillips 66.

Major economic and financial events from September 14 to September 20, 2026

September 14: Dangote Group of Nigeria launched Africa’s largest-ever IPO, issuing 4.1 billion shares (priced at 525 naira per share, approx. $0.40), aiming to raise roughly 21.5 trillion naira (approx. $1.6 billion) to expand the Lagos refinery’s capacity—targeting a doubling to 1.4 million barrels per day. The refinery is valued at approximately $47 billion and stands to benefit from heightened fuel demand triggered by the Iran conflict. Around September 14: Maersk and Hapag-Lloyd announced increased container vessel transits through the Suez Canal to adapt to evolving shipping risks in the Middle East; simultaneously, AI industry leaders—including Anthropic’s CEO—called for a slowdown in AI development, triggering volatility across global AI-related stocks. September 15: The Panama Canal Authority reduced daily vessel transits from 36 to 32 due to El Niño–induced low water levels, further driving up global shipping costs (already elevated by the Strait of Hormuz crisis). September 15–16: Continued tanker attacks in the Strait of Hormuz pushed oil prices higher (Brent crude briefly approached $110 per barrel), intensifying global inflationary pressures and pushing U.S. Treasury yields upward (the 10-year yield nearing or touching 5%). September 16: The U.S. Federal Reserve (FOMC) raised its benchmark interest rate by 25 basis points for the first time since July 2023, lifting the federal funds rate target range to 3.75%–4.00%, and signaled further tightening to combat inflation driven by high oil prices. The dot plot indicated that most officials expect at least one additional hike before year-end. September 16: The U.S. House of Representatives passed, with bipartisan support, a stringent sanctions bill targeting Russia—including restrictions on energy revenues, financial institutions, and the shadow fleet—and authorizing up to 100% tariffs on major buyers of Russian oil and gas. The bill was subsequently sent to the President for signature, with significant implications for global energy and trade markets.

Nigeria's Dangote refinery targets 10 million retail investors for planned IPO, CEO says

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Nigeria's Dangote refinery targets 10 million retail investors for planned IPO, CEO says — ChemBrief Topics

Nigeria's Dangote refinery targets 10 million retail investors for planned IPO, CEO says

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