Connect with us

Business

IEA Says Refining Throughput Expected to Increase in July and August

Published

on

 


The sun sets behind the smokestacks of the Total Grandpuits oil refinery south-east of Paris, France, February 29, 2016. REUTERS / Christian Hartmann / File Photo

LONDON, July 13 (Reuters) – Global refining cycles are expected to continue to rise in July and August due to rising vaccination rates and the easing of social distancing measures around the world, the london said on Tuesday. International Energy Agency (IEA).

The Paris-based agency, however, expects the trend to wane in winter due to seasonal refinery maintenance.

Refiners around the world dramatically cut operations in 2020, facing an unprecedented drop in fuel demand caused by the coronavirus pandemic and mobility restrictions. Lockdowns at their peak destroyed more than 20% of global oil demand.

Refining cycles have increased since February as widespread vaccination programs began in several countries and restrictions were relaxed. After stagnating in May, global refining throughput increased 1.6 million barrels per day (bpd) in June, the IEA said in its monthly report.

This is the largest monthly increase since July 2020, which has supported crude oil prices. Increased product supply and higher crude oil prices negatively impacted product cracks and refinery margins in June.

Cycles are expected to increase an additional 2.7 million bpd in July and August from June levels, but will begin to decline in September and October with the start of the refinery maintenance season.

The gap between global refinery throughput in the fourth quarter of the year and its peak in 2018 will be around 2.6 million barrels per day. Global throughput is not expected to reach 2018 levels by the end of next year, according to the IEA.

“The main deficit will be due to Europe and North America, while the Middle East, parts of Asia and Latin America are on track to exceed 2018 levels in 2022,” said declared the IEA.

The activity of European refiners is not expected to return to pre-pandemic levels anytime soon, the IEA said. As a result, annual average throughputs of Chinese refineries are expected to exceed European rivals by 3 million bpd in 2022. Chinese refiners reached parity with European refineries in 2019 in terms of throughput.

The IEA has said stalled talks by major oil producers over releasing additional supply could turn into a price war just as COVID-19 vaccines increase demand for oil. Read more

Reporting by Bozorgmehr Sharafedin; Editing by Steve Orlofsky

Our standards: Thomson Reuters Trust Principles.

Sources

1/ https://Google.com/

2/ https://www.reuters.com/business/energy/iea-says-refining-throughput-set-rise-july-august-2021-07-13/

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]