New Delhi, Sept. 18 -- The global energy system has weathered the Strait of Hormuz disruption better than initially feared, but declining oil inventories and strained refining capacity are emerging as key vulnerabilities that could weaken its ability to withstand a prolonged or future supply shock, according to a report by McKinsey Global Institute.

The report said oil inventories, bypass pipelines, flexible trade flows and lower energy intensity helped cushion the impact of the disruption. However, these buffers are increasingly coming under pressure, with refined products emerging as a key bottleneck.

"Today's shock absorbers have worked better than may have been anticipated but have had their limits-which are becoming clearer," the r...