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Refiners in Asia Want More Oil -- Even Near $100 a Barrel

  • Plants in India, S. Korea, Taiwan raise runs or defer closures
  • Strength in diesel and gasoline lifts refiners’ profit margins
Updated on

Oil soaring to near $100 a barrel is doing little to slow down demand from the biggest buyers as refineries in Asia look to boost processing rates to cash in on a boom in fuel-making profits.

Despite rising crude prices, margins for producing diesel and gasoline have surged to near pre-pandemic levels as inventories run low across the world. A significantly reduced stream of Chinese fuel exports in recent months has left Asia shorter on supply and more sensitive to disruptions as consumption recovers with countries easing virus restrictions.