Shell CEO Warns of Diesel and Gasoline Shortages Amid Jet Fuel Price Surge
Shell CEO Wael Sawan explained on CNBC how global refineries are shifting production in response to soaring jet fuel prices, which have tripled due to disrupted Middle Eastern exports. As a result, gasoline and diesel supplies are being reduced as refiners prioritize higher-margin aviation fuel output. This shift is creating new shortages at the pump for consumers and businesses reliant on road transport fuels. Shell reported its best quarterly profit in four years with Q2 2026 revenue reaching $94.7 billion—a 45% increase from last year—and refining margins rising to $24 per barrel, up from $17 in the previous quarter. Sawan emphasized that while jet fuel demand is stabilizing, diesel and gasoline deficits are now emerging as market signals intensify. The CEO also outlined plans for a $3 billion share buyback program aligned with Shell’s distribution policy of returning 40% to 50% of cash flow from operations.
Tickers: $SHEL
Topics: diesel squeeze gasoline shortage oil refinery operations