Macquarie has indicated that tight conditions in the global market for petroleum products could deteriorate further, as refineries face challenges in securing adequate crude oil supplies.

Analysts led by Vikas Dwivedi noted in an April 9 report, "If conflicts persist, restricted crude supply leading to lower refinery utilization rates could further widen the shortfall in petroleum product availability."

Globally, a total of 3.367 million barrels per day of production capacity was idled in the second half of March due to conflicts.