Europe closed refineries for years. Now it depends on Asia, the Gulf and the U.S. for diesel. Europe has zero of the world’s 15 biggest oil refineries

Europe has zero of the world’s 15 biggest refineries.

In a diesel crisis, that leaves it with no bargaining power.

🇮🇳India’s Jamnagar (Reliance) leads at 1.36M b/d.

9 of the top 15 are in Asia and the Gulf, and 3 of those are in 🇰🇷South Korea.

🇺🇸US has 4.
🇻🇪Venezuela has 1.
🇳🇬Nigeria has 1 (Dangote).

Europe has none….

Refining capacity decides who exports diesel and jet fuel, and who has to buy them.

In the past few weeks, the exporters have used that power.

🇨🇳China paused fuel exports for October.
🇷🇺Russia’s export ban is still in place.
🇺🇸Washington threatened a diesel export ban before the G7 stock release deal.

Europe has spent a decade closing refineries and making up the shortfall with imports, some of it from Jamnagar.

Since January, the EU has also banned fuel refined from Russian crude, which shrinks the pool of suppliers again.

Meanwhile Dangote is taking the West African gasoline market that European refiners used to supply.

Europe’s refining gap has become a strategic weakness, much as gas dependence was in 2022.

Capacity isn’t output: Paraguaná runs far below its 955k b/d, and Russian refinery runs are down 14%.

And the G7 release only covers about four months.

Should Europe pay to keep its refineries open as strategic assets, or accept depending on Asia, the Gulf and the US for diesel?

https://themerchantsnews.substack.com/p/can-brent-go-back-to-90-before-the?r=tf0g2

🇪🇺Europe has zero of the world's 15 biggest refineries.

In a diesel crisis, that leaves it with no bargaining power.

🇮🇳India's Jamnagar (Reliance) leads at 1.36M b/d.

9 of the top 15 are in Asia and the Gulf, and 3 of those are in 🇰🇷South Korea.

🇺🇸US has 4.
🇻🇪Venezuela has… pic.twitter.com/wJT2tpiMIP

— Jack Prandelli (@jackprandelli) October 4, 2026