Major US refiners are slashing production capacity as concerns grow about a global crude oil glut and weakening demand, potentially forming a US refining cartel.
Following the series of mega-mergers in the oil exploration and production space, a potential US refining cartel—a 'mini OPEC on American soil'—could be taking shape with some of the first coordinated policies to reduce refining capacity this quarter as demand falters and concerns about a global glut of crude mount.
Reminder The IEA projects oil demand to increase by 970,000 b/d this year, while the EIA sees demand rising by 1.1mn b/d. Opec blinks first, downgrading for the first time since July 2023 its global oil demand growth forecasts for 2024 and 2025.Opec now sees demand growth projection for 2024 to be 2.11mn b/d down from 2.25mn b/d.Opec has also cut its oil demand growth forecast for next… https//t.co/BPPe0C95id pic.twitter.
US Refiners OPEC Demand Forecast Recession Fears China Slowdown Brent Crude Marathon Petroleum PBF Energy
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