Asian oil refining margins plunge to 16-year low

Persistent pressure on profit margins has forced Asian refiners to start considering a reduction in their run rates, Reuters reports, citing unnamed sources from the industry. According to the sources, higher international oil prices are behind the unfavorable development, which has seen refiners’ margins drop to the lowest since the spring of 2003, according to Reuters […]

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Failure to secure waiver extension, Japanese refiners put the brakes on Iranian crude imports

Unable to secure a waiver extension from Washington to continue buying Iranian oil, Japanese refineries are putting the brakes on further imports in order to give payments enough time to be processed under the existing waiver. In total, Japanese refiners purchased over 15 million barrels of Iranian crude from January through March, but the waiver […]

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Refining frenzy worsens fuel glut in Asia

Asia is drowning in Chinese fuels and things are about to get worse over the next three years as new refining capacity in the world’s second-largest economy begins operating. According to Bloomberg columnist David Fickling, the teapots—China’s independent, private refiners—are the main driver of the glut that is choking off Asian refiners’ margins and pressuring prices. […]

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China leads global refining boom; will add 3.12 million bpd by 2022: GlobalData

China will lead global refinery capacity expansion and investments with 3.12 million barrels per day (bpd) additional refining capacity and $67.3 billion capital expenditure through 2022, data and analytics company GlobalData said in a new report. Total refining capacity in the world is expected to grow by 15.1 per cent between 2018 and 2022, with global […]

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European refining industry confident over fuel demand despite fears of peaking – report

Europe’s refining industry is confident that the global thirst for liquid fuels would continue to rise despite fears that the demand might be peaking, as electric vehicles (EV) being to eat into the transport sector, Platts reported. Refiners expect the demand would come from sectors such as aviation, heavy truck and shipping, and a rising […]

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