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Global volume of refined petroleum products on downtrend

/ 04:09 AM October 14, 2019

The volume of oil processed in refineries continued to decline in the third quarter, suggesting that demand was a greater concern than supply security despite recent events in the Middle East, said the International Energy Agency (IEA).

“Oil markets in September withstood a textbook case of a large-scale supply disruption as the attacks on Saudi Arabia temporarily affected about 5.7 million barrels per day of crude production capacity,” the IEA said in its latest report.

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“On Monday, Sept. 16, the first trading day following the attacks, after an initial spike to $71 per barrel, Brent prices fell back as it became clear that the damage, although serious, would not cause long-lasting disruption to markets,” the Paris-based agency said.

Brent crude oil, which is used in about two-thirds of the world market, is the global benchmark for prices. In Asia, the benchmark is Dubai crude.

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The IEA said that, when the report was issued earlier this month, the price of Brent crude was about $58 per barrel, or $2 per barrel below the level before the attack on Saudi Arabia.

During the July-September quarter, global refinery throughput fell year-on-year by 500,000 barrels a day, prompting the IEA to cut its refining growth forecast for the year to just 150,000 barrels per day, the lowest volume in 10 years.

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