The key point: Le Temps reports, on 1 November 2026, that the global refining shortage is enriching oil companies and traders based in Switzerland.
A crisis centred on refining
- Strikes in Ukraine, Russia and the Middle East primarily target energy assets.
- According to ExxonMobil, a tenth of global capacity for fuel production is out of service.
- The decline in Chinese exports of refined products is worsening the shortage.
Highly profitable Swiss traders
- Glencore, Mercuria, Trafigura, Vitol and Centalion (formerly Gunvor) hold stakes in refineries, from Cressier to Rotterdam.
- The Geneva-based group Mercuria acquired a refinery in Buenos Aires in June.
- The majors BP, ExxonMobil, Chevron, Shell and TotalEnergies exceeded analysts' expectations.
Key figures
- 117 dollars : price of a barrel of Brent at Friday's close.
- 2 billion dollars : Mercuria's nine-month profit, up 122%.
- 909 million : Centalion's half-year profit, up 644%.
- 2.24 francs : average price of a litre of diesel, compared with 1.78 francs in January.
In short
Attacks on refineries are making fuel scarce and driving up margins. Facilities that are still operational benefit from this. Traders active in Switzerland, including Mercuria in Geneva, are reporting exceptional results.
