2014 – Another bleak year for refining margins ?

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Report summary

In 2013, Asian demand growth which has a significant influence over global demand grew at its slowest pace in the last 5 years, due largely to a slowdown in China.  However, Asia is set to benefit from a positive outlook forecast for the advanced OECD economies in 2014. From a supply perspective, Asia and Middle East will add new refining capacity in 2014.  This coupled with higher refinery runs in the US is expected to lower the prospects for European refining.

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