Global oil refiners crank up output as margins recover to pre-COVID levels – Reuters

Global oil refiners crank up output as margins recover to pre-COVID levels – Reuters

SINGAPORE, Oct 20 (Reuters) - Oil refiners are ramping up output to meet a synchronised uptick in demand across Asia, Europe and the United States, but plant maintenance and high natural gas prices will constrain supply in the fourth quarter, company officials and analysts said.

This comes as profits for producing ground transportation fuels such as diesel and gasoline have rebounded globally for the first time since the start of the pandemic, as countries gradually emerge from COVID-19 movement restrictions.

A coal and natural gas crunch across Europe and Asia, which has forced some power generators to burn kerosene, diesel or fuel oil and stock up ahead of the peak winter heating demand, is also supporting global oil prices.