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Middle East's gasoline tides change
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The Middle East is set to move to a gasoline net surplus position as a brace of refinery projects hit the market this quarter. Iran will complete the third phase of the Persian Gulf condensate refinery this week and ADNOC will bring its repaired residue catalytic cracker (RFCC) back on stream at Ruwais refinery in the UAE during Q1 2019. Given contributions from these projects, we expect the Middle East to move to a gasoline export position during H1 2019.
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