Global gasoline refining margins decline due to weaker summer driving demand, leading to lower profits for oil refiners.
Global gasoline refining margins decline amid weaker summer driving demand. U.S. gasoline demand fell 1.7% in the first week of June, leading to lower profits for oil refiners. As a result, refiners in Asia have cut production, and others may follow, potentially reducing global crude oil demand. BMI warns that refiners' profit-seeking output strategy may be at risk.
June 17, 2024
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