Diesel supplies may become scarce as winter looms

The current crunch highlights a dilemma that nations have in phasing out oil refineries as they try to transition away from fossil fuels

Oil markets have been rocked by soaring fuel making margins in recent weeks, with refinery curbs shrinking global supplies at a time when crude producers including Saudi Arabia are keeping barrels off the market.

At any other time in history, the current state of the global diesel market would have sent some countries into a panic.

All over the world, prices for the fuel are sky-high relative to the crude oil from which it is made, pointing to a scarcity that should alarm inflation-obsessed governments everywhere. And within just a few months, the Northern Hemisphere will enter winter, pushing up demand for heating.