Global product markets weekly: Refinery margins sink towards the bottom of the range

For the week commencing 18 June, weekly average crude prices trended lower for most global benchmarks. The weekly average Dated Brent price fell for the fifth consecutive week as the market managed expectations surrounding the outcome of the OPEC meeting last week. Prices strengthened on Friday as OPEC avoided a decision to fully lift production restraints by instead, agreeing to lower its adherence to the current accord from the current 152% to 100%. However, Maya crude prices continued to strengthen as heavy crude production in Venezuela continued to deteriorate, lending further support to heavy barrels.