KPLER chief analyst Sumit Ritolia said Middle East refining capacity is around
7.3 mln bpd versus 9.9 mln bpd in February 2026, driven by damaged refineries
and constrained shipments through the Strait of Hormuz. KPLER expects gradual
improvement from Q4 2026 but sees pre-war capacity unlikely to return before Q2
2027. Short-term recovery is logistics-driven; full normalization requires
repair of damaged capacity. The base case assumes transport disruptions persist
through 2026, easing only late in Q4, after which remaining damaged capacity
will be the main constraint until about Q2 2027.