I think he means the lack of refineries.

2026, day 274 Good morning from Asia - and more headline fuel about fuel and for more war, with very few for more peace. GEOPOLITICS: 🌍🔥 ‘Loud blasts heard in Houthi-run Yemeni capital Sanaa amid reported Saudi attack’ (AFP); ‘Pentagon prepares for potential surge of naval forces in Middle East’ (WaPo); ‘U.S. sent more Patriots to protect Saudi, Qatari energy sites’ (Axios); ‘Iran readies harder retaliation if attacked as diplomacy faces long odds’ (Reuters); ‘U.S. Pressure Campaign Leaves Iranian Tankers Stranded in Asian Waters’ (WSJ); ‘Netanyahu says Omani copilot who tried to bring down flight ‘underwent Islamist radical indoctrination’’ (ToI); ‘UK police arrest dual UK-Iranian man in Fairford air base investigation’ (Reuters); ‘Syria denies contacts with Hezbollah, says it deals only with Lebanese state’ (Al Arabiya); ‘Pakistan launches deadly air strikes on Afghanistan’ (BBC); ‘Egypt's military aid from the United States will no longer carry human rights conditions’ (Reuters); ‘Blasts heard in Addis Ababa as Ethiopia conflict widens in the north’ (AJ); ‘Eritrea severs diplomatic ties with Ethiopia in tit-for-tat move’ (AJ); ‘US sanctions Kremlin-backed fintech A7 for allegedly assisting Iran’ (FT); ‘Ukraine Fires Hard-to-Stop Ballistic Missile for First Time’ (WSJ); ‘Russia makes extreme threats against Nato countries over Kaliningrad’ (FT); ‘EU should be braver in countering Russia’s rhetoric, Polish Lt Gen says’ (Rapporteur); ‘Western militaries are undermining Ukraine's defence, experts say’ (AJ); ‘Kubilius: Russian attack on arms factory would trigger NATO military response’ (Politico); ‘Europe braces for ‘severe hybrid attacks’ from Russia, says Friedrich Merz’ (FT); ‘How Europe can stall Russia's hybrid war’ (FT); ‘It’s war, not hybrid attacks, says Estonian foreign minister’ (Politico); ‘Pentagon excludes key allies from NATO meeting’ (Politico); ‘US sees Chinese invasion of Taiwan unlikely next year despite 2027 timeline, sources say’ (Reuters); ‘Why US Himars missile shortfalls raise stakes for a potential Taiwan Strait conflict’ (SCMP); GEOECONOMICS: 🌍 ✈️ ⛴️ 🚛 ‘Democratic Senators Challenge Pentagon's Venezuela Oil Deal’ (WSJ); ‘Trump demands Europe release emergency diesel reserves’ (Telegraph); ‘European countries agree on ‘assertive’ response to US diesel pressure’ (Politico); ‘EU countries in crisis talks over release of diesel stocks’ (FT); ‘Britain in talks over releasing emergency diesel stockpiles’ (Telegraph); ‘UK courts Berlin for fighter jet role after collapse of Franco-German project’ (Politico); ‘Germany: We’ll do everything we can to get Britain back into EU’ (Telegraph); ‘Chinas Tencent leases 100,000 chips from Oracle to accelerate Al push’ (FT); ‘US slows aircraft-part exports to China as Trump seeks leverage in trade negotiations, sources say’ (Reuters); ‘Japanese companies exit China in record numbers’ (FT); ‘Modi's India takes on Trump more openly, from 'terrorism' to tariffs’ (AJ): POLITICS: 🗳️ ‘French presidential race remains open despite Le Pen lead’ (Rapporteur); ‘France school protests escalate into ‘urban violence’ as PM calls crisis cabinet meeting’ (Guardian); ‘As Germany’s far right rises, weakened Merz looks to project strength and resolve against Putin’ (Politico); ‘Burnham preparing for May election, claims Badenoch’ (Telegraph); ‘Burnham’s reopening of Brexit debate is ‘biggest boost in my career’, says Farage’ (Guardian); MARKETS: 📈 ‘The Global Bond Rout Is Getting Messy’ (WSJ); ‘US mortgage rates jump the most in four years in blow to housing market’ (FT); ‘An AI sovereign wealth fund isn’t progressive — it’s techno-imperialism’ (FT) - “Accruing income at home from land and power abroad has an old name: empire”; ‘EU questions Binance over continued operations despite wind-down order’ (FT); ‘Labor ‘crazy’ to push superannuation into US lamb: Wilson’ (AFR)