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IEA warns global oil refining system ‘stretched to the limit’ as Iran, Ukraine wars tighten market

Friday, September 11, 2026


The International Energy Agency stated that global oil refining capacity is operating at maximum levels, with inventory levels declining. The agency cited ongoing conflicts in Iran and Ukraine as factors affecting market supply. Refineries are operating with minimal spare capacity, according to the IEA assessment.

Original reporting: https://www.cnbc.com/2026/09/11/iran-war-oil-diesel-iea-hormuz.html

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