The latest oil price shock affecting the global economy is driven by a refining crisis, not a crude oil crisis. Insufficient refining capacity is creating shortages of refined petroleum products despite adequate crude oil supply. This situation is putting upward pressure on fuel prices and other refined product costs. Market participants point out that while the crude oil problem has been addressed, the refined products issue remains unresolved, creating what they call a product dilemma. This refining crisis could have significant implications for inflation and economic growth.
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