NEWS
Oil   Refining  

Global refining surplus to hit 4mn b/d by 2024: Opec

Opec anticipates a global refining surplus of nearly 4mn b/d in 2024, a substantial increase from the excess it flagged a year ago, and it has more than doubled the amount of refinery capacity it expects will close as a result.

In its latest World Oil Outlook (WOO), Opec said there is the potential for 7.7mn of incremental crude throughput being added to the global refining fleet by 2024, while refined product demand is likely to grow at 3.8mn b/d in the same period.

In its 2018 WOO, Opec said cumulative refinery production potential by 2023 was 2.5mn b/d in excess of the requirement. Then, it said upward revisions to medium-term demand have led to fewer refinery closure announcements. Today, it said more capacity is now coming from China, while the projection for incremental product demand in that country is lower by 300,000 b/d than a year ago.

As a result of this "significant build-up of excess capacity", Opec now said it expects 2.1mn b/d of refining capacity will close by 2025. A year ago it said 1mn b/d would close by 2023.

Opec said 69pc of the 7.95mn b/d of additional refining capacity to come online by 2024 is under construction or nearing the construction stage. Around 2.5mn b/d comprises projects that are not yet near construction but are considered likely to come on stream by 2024. Most of the new capacity is in the Middle East or Asia-Pacific, Opec said. Refinery closures are most likely to happen in the US, Canada and Europe, it said.

News No: 7231
Date: 2019/11/05 - 18:37
News Source: Argus Media

Global refining  Opec  Asia Pacific  Middle East  US 

Comments:

Leave a Comment:

   
   
   
 

Non-oil exports from Markazi Province hit over $186m in 4 months

The value of non-oil exports from Iran’s central Markazi Province reached $186.38 million during the first four months of the current Iranian calendar year (March 20-July 21), a provincial official announced, Mehr news agency reported.
 

IIEC receives no order on not holding exhibits: managing director

The managing director of Iran International Exhibitions Company (IIEC)said that this company has received no letter from the Coronavirus Control Operations Headquarters banning exhibition holding.
 

Tehran, Ashgabat highly willing for expansion of trade ties: Iranian envoy

Iranian ambassador to Turkmenistan said that Turkmen like Iranians are highly willing to expand trade relations between the two countries, IRNA reported.
 

HEPCO to manufacture equipment, machinery for mining companies

Heavy Equipment Production Company (HEPCO) has signed memorandums of understanding (MOUs) with five major domestic mining companies to manufacture equipment and machinery for them.
 

Exports from southwestern province up 116% in 4 months

The value of exports from Iran’s southwestern Kohgiluyeh-Boyerahamd province has risen 116 percent during the first four months of the current Iranian calendar year (March 20-July 21), compared to the same period of time in the past year, according to a provincial official.
 

Coronavirus pandemic reduces Iran’s exports to Turkey by 90%

The coronavirus pandemic has decreased Iran’s exports to Turkey by 90 percent, the chairman of Iran-Turkey Joint Chamber of Commerce told ILNA on Tuesday.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners