The International Energy Agency has warned of a crunch on petrol and diesel supplies due to the impact of wars on refineries in the Middle East and Russia.
Restrictions on shipping through the Strait of Hormuz since the US and Israel attacked Iran in February have meant that Gulf refiners were unable to ship their output, forcing them to reduce their operations.
At the same time, global petrol consumption has remained high, as governments have taken steps to protect consumers from high pump prices.
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