Asia's oil refiners are considering reducing output after margins slumped t...
Next month, Middle East producers led by top exporter Saudi Arabia are set to raise official selling prices for a fourth straight month to track stronger spot markets.
“Aromatics margins are getting worse so refiners will try to optimize as much as possible,” the person said, referring to profits for paraxylene, a petrochemical used to make textile and plastic bottles. Asia’s naphtha supply from the west had remained high despite lower demand caused by ongoing cracker maintenance, outages at plants in Taiwan and Japan and an extended shutdown at a naphtha cracker in South Korea.Still, margins may begin to improve.
Analysts also expect a mandate to switch to low-sulphur fuel for ships from 2020, under new international rules introduced to protect the environment, to tighten diesel supplies, which could boost refining margins.
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