New Oil Refinery Cranks Up Output as Fuel Cargoes Avoid Red Sea
- Duqm refinery can process 230k b/d crude into diesel, jet fuel
- Exporters taking alternate routes to avoid Red Sea risk
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An oil refinery jointly owned by OPEC+ members Oman and Kuwait is running at full capacity, just as a shift in trade flows to avoid the Red Sea sends traders scrambling for fuel.
The 230,000 barrel-a-day Duqm refinery is producing mainly diesel and jet fuel and selling them to countries as far away as the US and Brazil, the project’s Chief Executive Officer David Bird said in an interview this week ahead of its official inauguration. Its cargoes are avoiding the Red Sea, where Houthi militants have menaced global shipping.