Oil analysts still expect a rise in the crude price this year, thanks to improving demand growth that should help offset any bearish headwinds from a stubborn supply surplus.
Oil prices steadied just above three-month lows as producers continued to pump more than needed, filling inventories, and economic growth prospects darkened.
Oil hit its lowest since May, falling towards $44/bl, pressured by concerns that a long-awaited rebalancing of the market would be delayed due to excess supply.
Summarizing the outcome of the technical evaluation in Part 1 of this technical study, a tailor-made process route should be chosen for proper C4 hydrocarbon processing to obtain the best benefits from case to case.
For many years, industry researchers have worked to find more cost-effective alternative processes than traditional hydroprocessing for upgrading petroleum fractions.
The impact of Canadian and French refinery outages caused margins to fall slightly in the Atlantic Basin and Europe, despite stronger gasoline demand and higher inventories.
Fuel refineries in earlier decades would preferentially process light sweet crudes, for the right price, to maximize gasoline and distillate production and to meet sulfur specifications with less cost.
US crude oil stockpiles fell sharply last week and gasoline inventories posted an unseasonably surprise large build as refineries ramped up production.
Essar Group is exploring the sale of its 405 Mbpd oil refinery in the western state of Gujarat.
Demand for refined oil products is expected to continue growing in Africa, both in the short and medium terms. However, the continent’s refining capacity is unlikely to keep pace as commercial risks threaten to hold back planned new refineries and the expansion of existing facilities.