Governments have begun to worry that a looming US shortage could affect their economies. Europe could see strong competition for petrol and diesel supplies as US wholesalers compete for limited refinery products. Wholesale petrol prices in Europe rose by 10 per cent overnight.

“If the assessment of the damage shows a severe crisis in the petrol sector, the crisis will not be limited to the US it will be a global one,” said Claude Mandil, executive director of the International Energy Agency.

Financial Times