Western Pull or Eastern Push?
This year has seen a major increase in the Middle East clean product exports to Europe, with flows, mainly gasoil and jet, averaging at 0.82mbd for the year to date, up by 43% compared to the same period last year. Such an increase was not unexpected, considering increasing runs at the 400 kbd Jizan refinery and 615kbd Al Zour plant, where the final 200kbd crude distillation unit was brought online just a few months ago. Europe, on the other hand, has been working hard to find an alternative source of its CPP import requirement, following the introduction of EU ban on imports of Russian products.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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