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Global oil inventories, the stockpiles of refined fuel that governments and traders hold in reserve when supply falls short, are shrinking while the refining system that produces those fuels is running at or near its limits.
The International Energy Agency warned that conditions could push markets even tighter, with wars in Iran and Ukraine cited as the primary drivers of a system it described as stretched to the limit.
What the IEA's warning actually says Refineries are the industrial facilities that convert crude oil into usable products: gasoline, diesel, jet fuel, and heating oil.
The refining system as a whole has a ceiling, the total amount of crude it can process at any given time.
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