While the OPEC+ deal to cut crude oil production and the US response to it dominate the headlines, a much more immediate crisis is worsening by the day.

Global inventories of diesel and other distilled fuels have been declining for some time and there is no sign of a turnaround. On the other hand, the demand has increased, which has led to an expansion of the shortage.

The situation has become so serious that US buyers have started buying diesel loads originally intended for …

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