• About
  • Advertise
  • Privacy Policy
  • Contact
Sunday, July 13, 2025
  • 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.Cby Stephen 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

Ghana Poised to Kickstart Nsuta-Tarkwa Manganese Refinery Project

Barker-Vormawor Defends E&P in Legal Dispute

Lands Minister Charged to Back Off Azumah-E&P Goldmine Dispute

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+
Please login to join discussion
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.

Related Posts

Ablekuma North rerun raises questions on anti-vigilante laws
General News

Aboagye Faults Anti-Vigilante Law Post Ablekuma North Rerun Violence

July 13, 2025
AratheJay Opens Up About His Music Journey
Entertainment

AratheJay Opens Up About His Music Journey

July 12, 2025
IMF Team to Arrive in Ghana for Talks on Economy and 2025 Budget
Economy

IMF Flags Ghana as High Risk for Debt Distress Despite Debt Being “Sustainable”

July 12, 2025
Sudan Urges ICC Probe Into Foreign Interference
Africa

Sudan Urges ICC Probe Into Foreign Interference

July 12, 2025
NPP blamed for defeat in Ablekuma North rerun
General News

Basintale Criticizes NPP’s Poor Strategy In Ablekuma North 

July 12, 2025
COP Christian Tetteh Yohunu., IGP
General News

Police Assures Justice Over Violence in Ablekuma North Rerun Election

July 12, 2025
Ablekuma North rerun raises questions on anti-vigilante laws
General News

Aboagye Faults Anti-Vigilante Law Post Ablekuma North Rerun Violence

by Lilian AhedorJuly 13, 2025
AratheJay Opens Up About His Music Journey
Entertainment

AratheJay Opens Up About His Music Journey

by Esther Korantemaa OffeiJuly 12, 2025
IMF Team to Arrive in Ghana for Talks on Economy and 2025 Budget
Economy

IMF Flags Ghana as High Risk for Debt Distress Despite Debt Being “Sustainable”

by Stephen M.CJuly 12, 2025
Sudan Urges ICC Probe Into Foreign Interference
Africa

Sudan Urges ICC Probe Into Foreign Interference

by Lawrence AnkutseJuly 12, 2025
NPP blamed for defeat in Ablekuma North rerun
General News

Basintale Criticizes NPP’s Poor Strategy In Ablekuma North 

by Lilian AhedorJuly 12, 2025
COP Christian Tetteh Yohunu., IGP
General News

Police Assures Justice Over Violence in Ablekuma North Rerun Election

by Evans Junior OwuJuly 12, 2025
Ablekuma North rerun raises questions on anti-vigilante laws
AratheJay Opens Up About His Music Journey
IMF Team to Arrive in Ghana for Talks on Economy and 2025 Budget
Sudan Urges ICC Probe Into Foreign Interference
NPP blamed for defeat in Ablekuma North rerun
COP Christian Tetteh Yohunu., IGP
[/vc_row_inner]

Recent News

  • Aboagye Faults Anti-Vigilante Law Post Ablekuma North Rerun Violence
  • AratheJay Opens Up About His Music Journey
  • IMF Flags Ghana as High Risk for Debt Distress Despite Debt Being “Sustainable”
  • Sudan Urges ICC Probe Into Foreign Interference
  • Basintale Criticizes NPP’s Poor Strategy In Ablekuma North 
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

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
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.