Reported 2 months ago
Top oil refiners in the US are scaling back operations, raising fears of a global crude surplus. Companies like Marathon Petroleum and PBF Energy are running at reduced capacities, driven by stagnant consumption and falling profit margins. As refining margins tighten, this could lead to increased crude stockpiles, further limiting oil prices despite ongoing production cuts from OPEC+. Global crude supplies are predicted to rise, with US production set to reach a record high, emphasizing the shifting dynamics in the oil market.
Source: YAHOO