Gasoline and diesel stockpiles have swollen to record highs across the globe, leaving refiners and traders few places to dump excess supplies and threatening large-scale production cuts that could derail an oil price recovery. Typically, U.S. and European refiners deal with excess regional inventories by exporting extra supplies to markets where margins for diesel, gasoline, or other oil products remains strong. However, months of above-average global refinery utilization rates and the addition of refining capacity globally has left storage tanks from Houston to Singapore full to the brim. While the crude market has been plagued by world oversupply for two years, a global glut of refined products is a relatively new phenomenon, a result of refiners boosting production last year and early this year to cash in cheap crude supply and hefty margins. Now the only choice refiners have is to cut production, most analysts and refinery executives say, […]