The International Energy Agency said in its monthly oil market report that the increase in refined oil exports from major oil producers in the Middle East reflects a recovery in refining activity in the region, and crude oil processing volume will increase in the fourth quarter. In September, exports of refined oil products from the Middle East increased by 210,000 b/d to 1.9 million b/d; liquefied petroleum gas exports increased by 90,000 b/d to 670,000 b/d, compared to 4.7 million b/d and 1.5 million b/d respectively before the war. The growth rate of exports of refined oil products and liquefied petroleum gas from the Middle East is less than that of crude oil, and the export scale is still less than half of the pre-war level. The Kuwaiti refinery produces intermediate distillates that meet Euro 5 standards and is an important source of supply to Europe. Recently, construction conditions have shown signs of improvement. Regarding the Zur refinery, the International Energy Agency said that according to reports, the plant's three crude oil distillation units have now all been put into operation; however, the export flow is still far below the theoretical export level corresponding to a capacity utilization rate of about 60%. Regarding the Sitra refinery in Bahrain, the International Energy Agency said that preliminary shipping trade data shows that exports of refined oil products have continued to grow in recent weeks, but exports are still mainly limited to trade within the Gulf region.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.