Sinopec (600028 CH) reportedly plans to reduce March crude refinery runs by over 10%, sources say; Co. is reportedly prioritising fuel over petrochemicals
Newsquawk Staff ·
Sinopec (600028 CH) reportedly plans to reduce March crude refinery runs by over 10%, sources say; Co. is reportedly prioritising fuel over petrochemicals.
What it means
Sinopec's plan to reduce crude refinery runs by over 10% in March signals a significant supply-side adjustment, likely prioritizing fuel production over petrochemicals. This decision could tighten crude supply in the short term, potentially supporting prices in both WTI and Brent markets, especially if similar trends are observed across other refineries. Keep an eye on how this might influence overall commodity inflation and energy-related currencies going forward.
- ADNOC reportedly informed some Asian refiners that it may begin delivering Upper Zakum crude via a new pipeline to the Fujairah terminal in early 2027, allowing shipments to bypass the disrupted Strait of Hormuz, according to Bloomberg
- US White House says the oil agreement with Venezuela will deliver a total of 65bln barrels
- Syria and Iraq discuss exporting Iraqi oil via the Baniyas pipeline
- UAE’s Sharjah temporarily closes all its beaches as a precautionary measure after an oil spill, according to a statement
- Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects
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