Islamabad February 26 2023: Refineries throughout witnessed a decrease of 11.15 percent during the period from July 2022 to December 2022 as compared to the corresponding period of last year due to decrease in refinery margins, OCAC reported.
“Global refinery throughputs surged to 2.2 mb/d in November to the highest since January 2020, resulting in sharply lower diesel and gasoline cracks and refinery margins.” reported by IEA.
The report added, “Global refinery activity was steady in December as US runs plunged 910 kb/d due to weather-related outages, but higher runs in Europe and Asia offset the fall. After an increase of 2.1 mb/d in 2022, refinery throughputs are set to grow by 1.5 mb/d in 2023, helped by 2.2 mb/d of capacity additions between 4Q22 and end-2023.”
After ten consecutive quarters of estimated stock draws, refined product balances are expected to be back in positive territory in the first half of 2023, according to IEA.
During the first half Gas oil margins averaged at USD 4.1/bbl and Diesel at USD 34.5/bbl while Furnace oil margins plunged to negative USD 33.9/bbl, based on Gulf prices.
Pakistan crude oil imports declined by 12.66 percent during the period from July to December 2022 to 3.9 million tons when compared with crude oil imports of 4.6 million tons in the same period last year.
Most of the petroleum products witnessed drop in production but Jet fuel and other petroleum products are only two items that showed increased during that period. During July to December 2022, production of High Speed Diesel declined by 11.86 percent with production of 15.1 million barrels when compared to production of 17.1 million barrels in the same period last year. Likewise, the production of Gas oil (Petrol) decreased by 6.65 percent in the period of July to December 2022 when compared to corresponding period last year with production of 9.8 million barrels.
The production of Kerosene oil dropped by 33.6 percent, diesel oil by 15.6 percent, furnace oil by 9.1 percent, Solvent Naptha by 51.4 percent, and LPG by 9.9 percent.
