Crude Processing

Mexico's state-run oil company, Pemex, revealed its operational forecast for the Olmeca refinery (also known as Dos Bocas), projecting a processing capacity of 243K b/d during its inaugural year in 2024, with full capacity expected to be reached by 2025.

The US EIA painted a sobering picture of Japan's petroleum consumption, having forecast the lowest levels since 1980 in 2024 in its latest Short-term Energy Outlook.

The surge in US renewable diesel (RD) production capacity, currently at 3.6B gal/y (234.8K b/d), is reshaping international trade flows for renewable feedstocks.

Palm-oil prices are projected to surge in 2024 due to constrained production in major palm-oil-producing nations, Indonesia and Malaysia.

Asian refiners, particularly in Thailand, Indonesia, and South Korea, are evaluating alternative routes for Mediterranean and North African crude deliveries, considering the risks associated with the Red Sea shipping route.

The Chinese government's decision to permit teapots to utilize 2024 crude import quotas in advance of Dec. intake has stirred limited interest among refiners.

In Nov., the Spanish port of Cartagena experienced a significant surge in crude receipts, with a diverse slate comprising 14 grades, including a new North American grade.

The new refinery in Nigeria, Africa's largest, has reached a pivotal milestone with the arrival of its inaugural crude cargo, signifying the commencement of operations after enduring years of setbacks.

Asian refiners are demonstrating resilience in the face of OPEC and its allies committing to extended crude production cuts through the first quarter of 2024.

In Sept. the US biofuels sector experienced a notable surge in feedstock consumption, driven by a remarkable 67% increase in renewable diesel (RD) production capacity.