Alpha Binwani Capital: “The Iran war has removed more diesel from global markets than the Russia-Ukraine conflict, with Middle East exports falling by an estimated 770,000 barrels a day on average from March to August versus the same period in 2025—more than double Russia’s roughly 350,000-barrel-a-day decline. Russia’s July-August diesel export ban cut shipments by 615,000 barrels a day year on year, nearly matching the Middle East disruption. While Russia is normally the world’s second-largest diesel exporter, the Middle East is the larger exporting region, typically shipping about 1.7 million barrels a day”
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