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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
REFINING
Product loadings from Middle Eastern grassroot refineries reached a record high in September according to Vortexa (referring to Jizan, Al Zour and Duqm)
- These volumes are expected to keep growing as these refineries ramp up production levels.
- Diesel outflows in Aug/Sep started to show signs of stabilizing after patchier rates in prior months as refineries came online.
- Aramco’s 400 bd Jizan refinery in Saudi is designed to produce 250kbd of ULSD at full capacity and will act as a lifeline for Europe post Russia supply.
- Kuwait’s 615,000 bpd Al-Zour is understood to now be fully operational based on comments by Kuwait Integrated Petroleum Industries officials earlier in the month. Technical glitches caused halts to the refinery becoming fully operational earlier in the year.
- Al-Zour is expected to be producing around 120,000 bpd of diesel at present.
- Oman's Duqm Refinery successfully exported its first shipment of high-quality diesel last month. The 230,000 bpd refinery was reported at 81% operational at the end of last month.
- The ramp up of these refineries will pull ~1.2mn bpd of Middle Eastern crude combined off export markets once fully operational.
source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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