Refinery Closures Could Lift Global Diesel Prices in 2025

Diesel prices are set to rise next year from the currently depressed levels as several refineries in developed countries are scheduled to cease production of fuels, analysts and traders have told Reuters. After rising in November to multi-month highs, refining margins for diesel have dropped over the past two weeks in all regions, including in the United States, Europe, and Asia. Next year, an estimated 1 million barrels per day (bpd) of refining capacity across Europe and the U.S. is set to close permanently. But another 800,000 bpd or slightly…