Global refining margins soar as sanctions threaten Russian supplies

June Goh

Senior Oil Market Analyst

3 November 2025 Time to read:  minutes
“The current diesel rally was built up from reduced Russian diesel exports due to Ukrainian drone attacks, seasonal refinery turnaround and limited Chinese clean product export quotas into Q4,” June Goh, senior oil market analyst at Sparta Commodities, told Reuters.

Reuters, Oct 28, 2025 – Global refining profits have hit their strongest level in nearly two years, with diesel leading the rally as new U.S. sanctions disrupt Russian exports.

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