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Putin’s War Leaves West More Reliant Than Ever on Asian Fuel

  • Bulk of new refineries are being built in Asia and Middle East
  • US and Europe face shortages after cutting refining capacity
The al-Zour oil and gas installations, in the south of the Gulf state of Kuwait.

The al-Zour oil and gas installations, in the south of the Gulf state of Kuwait.

Source: AFP/Getty Images

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The war in Ukraine is strengthening the role of Asia and the Middle East as the world’s main providers of fuels like diesel and gasoline that are crucial to the global economy.

As Europe and the US seek to cut off their dependence on Russian petroleum products, they are facing a shortage of supplies at home. That’s opening opportunities for mega-refineries in places like China and Kuwait to flood the market with fuel.