Shafaqna English– ExxonMobil and Chevron, two of America’s largest oil producers, have issued a joint warning that global supplies of diesel and other refined petroleum products are expected to remain constrained throughout the second half of the year, which will likely sustain elevated price levels as the ongoing conflict involving Iran continues to disrupt energy markets on a significant scale.
Second-quarter financial results from both ExxonMobil and Chevron, released on Friday(31 Jul 2026), showed a dramatic improvement in their refining segment performance, with profits soaring on the back of three converging supply-side factors: a steady drawdown of global fuel inventories, a notable contraction in Chinese diesel and gasoline exports, and a spate of unplanned refinery outages in Russia that removed significant processing capacity from the global market, all of which combined to push refining margins to elevated levels.