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OPEC cuts to leave Asian refiners in lurch

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Report summary

On November 30th 2016 OPEC agreed to cut production by 1.2 million b/d for the first six months in 2017 with a potential roll over to the second half of the year. If these cuts are implemented in full we expect the crude oil market to get tighter having three major implications for Asian refiners in terms of sourcing alternative crudes dealing with heavy crude shortage and paying higher premium for crudes.

What's included

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    OPEC cuts to leave Asian refiners in lurch

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Table of contents

  • Executive summary
  • Non-OPEC share of Asian refiners' crude runs to increase
  • OPEC cuts will further tighten the heavy crude market
  • Asian premium for Middle East crudes to rise

Tables and charts

This report includes 2 images and tables including:

Images

  • Year-on-year change in the share of Asian crude runs, kb/d
  • China and India heavy crude oil demand and supply (change versus 2015), kb/d

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