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Price cuts would typically draw higher demand, but some of the multiple sources said refineries had already completed purchases for February-loading cargoes and planned their production runs, leaving little room to lift more Saudi oil. ....
Asian Refiners: As a result, diesel prices are expected to fall, meaning Asia s refiners face a second consecutive year of sliding profit margins for the fuel used in cars, trucks and power generators. In 2022, average diesel profit margins soared to an all-time high of USD 45 a barrel, as supplies from top exporter Russia were disrupted and global inventories sank to a record low. ....
Oil prices rebounded on Monday on hopes of increased fuel demand during China's May Day holiday and planned supply cuts by the OPEC+ alliance. However, refining margins in Asia have weakened, curbing the region's appetite for Middle East oil supplies. ....
Asian refiners to raise gasoline output, cut diesel to ease oversupply hydrocarbonprocessing.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hydrocarbonprocessing.com Daily Mail and Mail on Sunday newspapers.
Saudi Arabia, the world s top oil exporter, raised prices for the flagship Arab light crude it sells to Asia for a third month in May after the OPEC group planned to further reduce their production by 1.16 million barrels-per-day from May to the rest of the year ....