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New Middle East Refineries to Cap Naphtha Premiums

OIL PRODUCTS

New production of naphtha from recently opened Middle East refineries will add further downside to refining margins in 2024, according to Argus.

  • Kuwait’s 615k b/d Al Zour refinery and the 230k b/d Duqm refinery in Oman will likely hit full capacity in 2024. This will add 73k b/d and 61k b/d of naphtha to the East of Suez market.
  • The additional supply will add further pressure, amid weak petrochemical cracking demand in the region in Q3.
  • Asia’s naphtha spot premiums have also been hit by robust supplies in Europe and Russia.
  • Once at full capacity, Al-Zour will maximise petchem grade naphtha production. It produced 760k mt in October.
  • Duqm’s naphtha exports exceeded 479k mt from Sep-Nov, with 40% going to India.
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