Global diesel margins have slumped by about half since February, dragging on refiners' profits, as Russian exports continue despite sanctions, helping output from China and India reach all-time highs in March.
Western sanctions and price caps on Russian crude and oil products introduced in December and February had been expected to tighten oil supplies globally.
Demand for gasoil to replace natural gas in power generation has also fallen after spot liquefied natural gas prices eased from all-time highs, the company said. Profit on processing a barrel of Brent crude at a typical European refinery has plunged by about 71% to the lowest since January last year to $3.56 a barrel in April, while refining profit margins in Asia are down by around 57% to $2.54 a barrel in the month. ,In the U.S.
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