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New Refining Capacity Creating Crude for Product Swap

OIL

The refineries of Al Zour (Kuwait), Dangote{Nigeria) and Duqm (Oman) have increased clean product supplies by 700,000 bpd in June, weighing on product margins and adding to a crude to product shift according to Vortexa.

  • The three refineries contributed almost no oil products onto global markets in January 2023.
  • There has been a steady drop in crude exports out of Kuwait, Nigeria and Oman of over 4mn bpd at the end of last year to around 3.2mn bpd last month in part because of this added capacity.



Source: Vortexa

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