Oil refiners to OPEC+: We’re going to need more of your crude
Global oil demand is about to get a boost from a rule that’s supposed to help the environment.
The world’s refineries will need to process about 700,000 barrels a day more oil by next year directly as a result of a rule to cut the maritime industry’s sulfur emissions, according to refining analysts interviewed by Bloomberg. The extra supplies mightn’t be easy to find in a market where OPEC and allied producers are removing millions of barrels of supply, and may extend their curbs.
“Crude runs will ramp up starting in the third quarter of 2019, and rise through the fourth quarter,” said Eleanor Budds, Paris-based associate director for oil markets, midstream and downstream at IHS Markit Ltd.
