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Vitol President warns of fuel shortages
The CEO of Vitol warned of a collapse in global oil product inventories and a decline in supply, despite increased oil flows through the Strait of Hormuz to about 10 million barrels per day, due to limited refining capacity and shipment fluctuations. Oil and diesel prices also rose in response to geopolitical tensions and Moscow's ban on diesel exports. Meanwhile, inventories in the United States remain at their lowest level in a quarter of a century, with expectations of increased Chinese demand as winter approaches. However, oil flows face challenges from security threats in the region.
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