Record prices in the global diesel crisis and G7 emergency stock move

While the diesel crisis in global markets due to refinery losses in the Middle East and Russia has pushed prices to record levels, G7 countries are intervening in the market with a 100 million barrel emergency stock initiative.

Supply Crunch in Global Markets

While the global market for diesel, which keeps the wheels of the world economy turning, is experiencing one of the sharpest supply crunches of recent years, the major shutdown of refineries in the Middle East and Russia has narrowed capacity.

Export Shares and Price Increases

Before the war, the Middle East accounted for 19 percent of global diesel exports, while Russia met 11 percent. Retail diesel in the US hit historical peaks, while prices climbed in the European Union.

International Statements and G7 Move

International Energy Agency President Fatih Birol stated that diesel prices have nearly doubled compared to before the war, while G7 leaders decided to release 100 million barrels of crude oil and diesel from strategic reserves into the market.

Effects on Turkey and the Economy

While diesel prices in Turkey exceeded 100 liras in Istanbul, rising inflation and fuel costs caused 2027 minimum wage scenarios to be recalculated.