Excerpt from the news "It forecast oil refining capacity would increase by 700,000 to 800,000 bpd in 2018, but would be outpaced by demand for oil products rising by 1.4 million bpd.
“Refinery crude intake probably needs to increase by (roughly) 1.1 million bpd. Hence, global refining utilisation is set to stay high in 2018, which will underpin margins again next year,” the bank said.
It forecast BP’s Refining Marker Margin, a benchmark proxy for profits, would rise from $12.8 a barrel in 2017 to $16 a barrel in 2020. "
“Refinery crude intake probably needs to increase by (roughly) 1.1 million bpd. Hence, global refining utilisation is set to stay high in 2018, which will underpin margins again next year,” the bank said.
It forecast BP’s Refining Marker Margin, a benchmark proxy for profits, would rise from $12.8 a barrel in 2017 to $16 a barrel in 2020. "
