BAKU, Azerbaijan, November 15. Global refinery intake is expected to start to recover next month, adding almost 1.5 million barrels per day (mb/d), Trend reports via monthly oil outlook from OPEC.
In addition, it is expected that the need for replenishment of intermediate distillates, especially diesel fuel, mainly in the West, will provide further support, OPEC noted.
Meanwhile, in October, global refinery processing rates decreased further, and dropped by 960,000 b/d month-on-month, according to preliminary data, “in response to a rise in offline capacity amid peak autumn maintenance works,” the report said.
“In October, refinery margins increased globally to show solid gains in line with market expectations and historical seasonal trends. This was a result of significant reductions in refinery product output as refinery maintenance interventions further intensified in the West and maintenance volumes reached a peak in October,” the OPEC explained.
The subsequent reduction in commodity balances in the Atlantic created an enabling environment for Asia to benefit from exports, which eventually also supported their processing economies, although Asian benefits were much more limited, the report added.
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