Iran’s Crude Buyers Explore their Options

Hellenic Shipping News:

An excess of global refining capacity looms after 2021, according to ESAI Energy’s newly released, Global Refining Capacity Five Year Outlook. ESAI Energy projects a significant increase in new distillation capacity to 2023. After lagging demand growth in recent years, the coming capacity build cycle will significantly outpace demand. The resulting rise in spare capacity will reduce global utilization rates and put pressure on margins, particularly beyond 2021.

Capacity Glut to Trigger Refinery Closures after 2021

Hellenic Shipping News:

An excess of global refining capacity looms after 2021, according to ESAI Energy’s newly released, Global Refining Capacity Five Year Outlook. ESAI Energy projects a significant increase in new distillation capacity to 2023. After lagging demand growth in recent years, the coming capacity build cycle will significantly outpace demand. The resulting rise in spare capacity will reduce global utilization rates and put pressure on margins, particularly beyond 2021.

Non-US Projects to Boost Global LPG Supply

Oil & Gas Journal:

Australia and Russia together will add more than 100,000 b/d of LPG supply in the coming months, according to ESAI Energy’s Global NGL Outlook. Given that US export infrastructure will limit US LPG exports this winter when global demand is strongest, higher exports from Australia and Russia will provide an important alternative source of supply to China, Asia, and Europe.