Distillate demand driving market

05/05/2008
Growing demand for middle distillate fuels in Asia and Europe has created a world shortage that can only be resolved by processing more crude to produce these straight-run products. But because additional crude supplies are not forthcoming, the result has been a sharp escalation of crude prices, said analysts at the Centre for Global Energy Studies (CGES), London.If members of the Organization of Petroleum Exporting Countries increased their total production by 500,000 b/d, world oil prices would begin to retreat, CGES claims. However, the price of OPEC’s basket of 13 benchmark crudes averaged $95.27/bbl through late April, with no indication of any interest among cartel members in ...
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