Data analytics company Kpler said the operating rate of US refineries has recently risen to nearly 97 percent, and the refineries are operating close to their practical limits.

Based on this report, refineries in the West of the Suez Canal are operating at maximum capacity, while the Middle East, Russia, and parts of Asia are still constrained due to damaged infrastructure, disruptions to trade, and supply-feed risks.

Kpler estimated global refinery production this year at about 80 million barrels per day; nearly three million barrels per day less than the average of the previous year.

The company said that given limited excess capacity, the balance of refined products will remain tight until the end of the year, and refinery profit margins will increase.