Crude Processing

Gunvor's head of research, Frederic Lasserre, emphasized the volatile nature of the global refining market, stating,

In 2024, the International Energy Agency (IEA) projects a shift in global crude throughput patterns, with China relinquishing its dominant position in refinery activity growth.

The recent cold spell in the US has resulted in the closure of 15% of refining capacity along the Gulf Coast, equivalent to 1.5MM b/d in throughput capacity, as reported by Wood Mackenzie and cited by Bloomberg.