Refining: World Lowers Refinery Runs Despite Stellar Margins

Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.

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.

Refining, Oil Products, Oil Trade, Oil Prices, Oil Supply
Wanda Ad #2 (article footer)
Russia's deputy prime minister says the discount for Urals crude oil has narrowed since January and will continue to do so.
Thu, Mar 23, 2023
Russian products are arriving in record quantities in North Africa, the Middle East and Asia, but a large "surplus at sea" also continues to amass.
Thu, Mar 23, 2023