Global refining activity slump extends into May as glut builds -IEA – ZAWYA

Global refining activity slump extends into May as glut builds -IEA – ZAWYA

LONDON- The sharp decline in global refining activity has continued in May, the International Energy Agency said in its monthly oil market report on Thursday, as refiners face the double whammy of rising crude prices and falling diesel profits.. The agency now sees global crude refining throughput at 66.2 million barrels-per-day, unchanged from April, and more than 14 million bpd lower from a year ago.. "If crude supply adjusts more quickly to the oversupply than forecast, this will support crude prices and depress refinery margins, resulting in lower refining throughput than anticipated," the IEA said in its monthly oil market report.. " a quicker demand recovery could boost margins and accelerate a recovery in refining activity," it added.. But in recent weeks the physical crude market has bounced back, adding pressure on refiners..