Reported about 1 month ago
Executives from major oil companies, including Chevron, Exxon Mobil, and Shell, expressed concerns about the bleak outlook for refinery profits as they reported significant downturns in earnings for the fourth quarter of 2024. Contributing factors include increased global refining capacity and sluggish demand growth, which are expected to continue affecting margins into 2025. While larger oil producers are managing to absorb the impacts through increased production, independent refiners are suffering substantial profit declines amidst weaker fuel demand in key markets such as the U.S. and China.
Source: YAHOO