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Saudi and Kuwait Plan to Increase Refining

OIL PRODUCTS

Saudi Arabia and Kuwait plan to expand refining capacity could help ease the tight global diesel supply in the coming year.

  • Refiners in the Middle East will process about 1mbpd above 2019 levels at 8.8mbpd of crude in 2023, according to IEA estimates. The volume would roughly compensate for the amount that Europe will lose over the period.
  • The main impact could be seen in diesel and low-sulphur fuel oil, with Kuwait’s Al-Zour plant geared toward the latter fuel accord to Energy Aspects.

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