• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, October 4, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Crude Oil Refiners Are Struggling to Keep Up with Demand Growth- IEA Oil Market Report

August 15, 2023
Stephen M.CbyStephen M.C
in Extractives/Energy
0
Crude Oil Refiners Are Struggling to Keep Up with Demand Growth- IEA Oil Market Report

The International Energy Agency (IEA ) Oil Market Report (OMR) has disclosed that crude oil refiners are struggling to meet the ever increasing growth in demand as the shift to new feedstocks, outages and high temperatures have forced many operators to run at reduced rates.

According to the report, tight gasoline and diesel markets have pushed margins to six-month highs, while naphtha remains under pressure, due to competition from cheap LPG and weak petrochemical activity outside of China. Meanwhile, high-sulphur fuel oil has tightened significantly as refiners replace lost OPEC+ crude with lighter and sweeter grades. High sulphur fuel oil in Rotterdam rose above North Sea Dated for the first time in 28 years.

As a result, crude and products inventories have drawn sharply. In July, observed oil stocks decreased for a third consecutive month, with OECD industry stocks more than 100 mb below the five-year average. Market balances are set to tighten further into the autumn as Saudi Arabia and Russia extend supply cuts at least through September.

RelatedPosts

AngloGold Ashanti Completes Primary Listing of Ordinary Shares

AfDB, IFC and SEFA launch First Large-Scale Privately-Financed Solar Project

Gold Fields Plans to Make Decision on Ghana Mine by Early 2024

IEA noted that an ample OPEC+ spare capacity cushion of 5.7 mb/d means there is significant scope for the alliance to raise output later in the year. Additional supplies of heavy sour crude would allow refiners to boost activity and help ease product market tensions. But it said if the bloc’s current targets are maintained, oil inventories could draw by 2.2 mb/d in 3Q23 and 1.2 mb/d in the fourth quarter, with a risk of driving prices still higher.

Refinery throughputs are set to reach a summer peak of 83.9 mb/d in August, up 2.4 mb/d since May and 2.6 mb/d higher than a year ago. The increase in refined product output has failed to ease product market tightness, pushing gasoline and middle distillate cracks to near record-highs. High sulphur fuel oil cracks provided further support to margins, which pushed above 2022 levels in July.

Global Oil Prices Move Steadily Higher

Global oil prices moved steadily higher during July and into early August, reflecting a market tightening long projected by this Report. Deepening OPEC+ supply cuts have collided with improved macroeconomic sentiment and all-time high world oil demand.

North Sea Dated rose by $10/bbl over the month to around $85/bbl, its highest since April. With output cuts hitting the heavy sour crude market hard, Dubai crude is trading at a rare premium to Brent, while the price of Urals crude has breached the G7-led price cap now making all Russian oil exports ineligible for G7 and EU maritime services.

It can be recalled that in earlier report, the IEA indicated that global oil supply plunged by 910 kb/d to 100.9 mb/d in July. A sharp reduction in Saudi production in July saw output from the OPEC+ bloc fall 1.2 mb/d to 50.7 mb/d, while non-OPEC+ volumes rose 310 kb/d to 50.2 mb/d.

Global oil output is projected to expand by 1.5 mb/d to a record 101.5 mb/d in 2023, with the US driving non-OPEC+ gains of 1.9 mb/d. Next year, non-OPEC+ supply is also set to dominate world supply growth, up 1.3 mb/d while OPEC+ could add just 160 kb/d.

READ ALSO: Zeepay Hits GH¢96.4 million Revenue As Total Processed Transactions Surge to US$2.9 billion

Tags: Crude Oil RefinersInternational Energy Agency (IEA )LPGOil Market Report (OMR)OPEC+

Related Posts

AngloGold Ashanti Completes Primary Listing of Ordinary Shares
Extractives/Energy

AngloGold Ashanti Completes Primary Listing of Ordinary Shares

October 1, 2023
AfDB, IFC and SEFA launch First Large-Scale Privately-Financed Solar Project
Extractives/Energy

AfDB, IFC and SEFA launch First Large-Scale Privately-Financed Solar Project

September 28, 2023
Gold Fields Plans to Make Decision on Ghana Mine by Early 2024
Extractives/Energy

Gold Fields Plans to Make Decision on Ghana Mine by Early 2024

September 23, 2023
Minority Warns Akufo-Addo: Desist from Plans to Collaterize the TEN Field for $431m loan
Extractives/Energy

Minority Warns Akufo-Addo: Desist from Plans to Collaterize the TEN Field for $431m loan

September 20, 2023
Anglogold Ashanti Sells Entire Stake in Gramalote
Extractives/Energy

Anglogold Ashanti Sells Entire Stake in Gramalote

September 23, 2023
Tullow Oil’s Profits Drop in First Half of Year Amidst Volatile Market Conditions
Extractives/Energy

Tullow Oil’s Profits Drop in First Half of Year Amidst Volatile Market Conditions

September 17, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

Commission To Resort To Court If CETAG Continues Strike- NLC

Next Post

Spain Defeats Sweden to Reach First Ever Final in Women’s World Cup

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
Lucrative Sponsorship Is A Thorny Matter – Piesie Esther
Entertainment

Lucrative Sponsorship Is A Thorny Matter – Piesie Esther

by Esther Korantemaa OffeiOctober 4, 2023
Kennedy Agyapong’s Campaign Team Denies Withdrawal Rumors
General News

Kennedy Agyapong Resonates With Aspirations Of Masses- MFWA

by Angeller AshongOctober 4, 2023
AfDB Names Malinne Blomberg as Country Manager for Tunisia
Africa

AfDB Names Malinne Blomberg as Country Manager for Tunisia

by Stephen M.COctober 3, 2023
Mohbad’s Father Gives Stance Amid Grandson’s DNA Test 
Entertainment

Mohbad’s Father Gives Stance Amid Grandson’s DNA Test 

by Esther Korantemaa OffeiOctober 3, 2023
Hunter Biden Pleads Not Guilty To Federal Gun Charges
USA

Hunter Biden Pleads Not Guilty To Federal Gun Charges

by Comfort AmpomaaOctober 3, 2023
WANEP calls on ECOWAS Chair to issue a statement that shows Nigerians “are not alone”
General News

President Akufo-Addo Eulogizes ET Mensah

by Angeller AshongOctober 3, 2023
Lucrative Sponsorship Is A Thorny Matter – Piesie Esther
Kennedy Agyapong’s Campaign Team Denies Withdrawal Rumors
AfDB Names Malinne Blomberg as Country Manager for Tunisia
Mohbad’s Father Gives Stance Amid Grandson’s DNA Test 
Hunter Biden Pleads Not Guilty To Federal Gun Charges
WANEP calls on ECOWAS Chair to issue a statement that shows Nigerians “are not alone”
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In