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Refining: World Lowers Refinery Runs Despite Stellar Margins

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Refinery margins are the highest in at least a decade as a shortage of middle distillates becomes increasingly acute. Yet global refinery crude throughput was down 1.2 million barrels per day in March from February. Unavoidable maintenance after pandemic delays was a major factor forcing refiners to lower runs, but Russia shut in capacity as refiners found themselves awash in fuel oil after the US banned imports over the invasion of Ukraine. Also, China has lowered runs as Covid-19 lockdowns caused demand to slide.

Topics:
Refining, Oil Products, Oil Trade, Oil Prices, Oil Supply
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