Global Oil Supplies Under Threat: Wars in the Gulf and Russia Take a Toll A perfect storm of conflict and global demand is putting the world's oil supplies at risk, with refineries in the Gulf and Russia struggling to keep up with production. The ongoing wars in the Middle East, particularly in Ukraine and the ongoing tensions in the Gulf region, have disrupted oil exports and crippled refineries, leading to a significant decrease in global oil production. Meanwhile, global oil consumption has remained stubbornly high, driven by economic growth in emerging markets and a lack of viable alternatives to fossil fuels. As a result, oil prices are expected to surge, with far-reaching implications for the global economy and consumers alike.
Refineries in Gulf and Russia hit by impact of wars, while global consumption has remained high
