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OIL: Middle East Refining Reshaping Oil Flows

OIL
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2024 has transformed Middle East oil and oil product trade flows, as increased refining capacity has enabled regional producers to export record volumes of refined products, with crude oil exports falling accordingly Kpler figures show. 

  • Exports of refined products from the Gulf are set to hit a record high 4.8mn b/d for 2024.
  • The Middle East has typically sold crude to refineries in demand centers but have instead focused on refining domestically to export higher value products.
  • The trend is expected to continue into 2025 MEES analyses forecasts, with increased exports of higher-value products from Bahrain.
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2024 has transformed Middle East oil and oil product trade flows, as increased refining capacity has enabled regional producers to export record volumes of refined products, with crude oil exports falling accordingly Kpler figures show. 

  • Exports of refined products from the Gulf are set to hit a record high 4.8mn b/d for 2024.
  • The Middle East has typically sold crude to refineries in demand centers but have instead focused on refining domestically to export higher value products.
  • The trend is expected to continue into 2025 MEES analyses forecasts, with increased exports of higher-value products from Bahrain.
image

 

Keep reading...Show less