BAKU, Azerbaijan, March 28. Revised estimates for OECD refinery crude throughputs in 2024 show an increase to 36 mb/d this month, driven by higher runs in the Atlantic Basin, the International Energy Agency (IEA) said, Trend reports.
Despite these positive revisions, refinery activity will still face pressure due to closures in the US and Japan, the agency noted. However, the IEA anticipates that strong margins and reduced runs in China will allow for additional product supply in OECD countries.
Meanwhile, in January, OECD crude runs reversed the increase seen in December, dropping by 1.2 mb/d compared to the previous month. All three regions experienced declines, with planned maintenance and disruptions in North America affecting crude processing rates due to weather-related issues. However, stronger-than-expected throughput rates in Mexico, Italy, and Japan offset weaker runs in the US, as reported in last month's forecast.
Initial data for January shows an average of 36.1 mb/d in crude runs, which is 140,000 b/d higher than the previous estimate. Additionally, December data for OECD countries were revised upwards by a total of 420,000 b/d, with increases of around 200,000 b/d each in North America and Europe. Germany and the US accounted for a combined increase of 300,000 b/d in December adjustments.
