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Wednesday, November 22, 2017

Declining demand in Spain give oil product export capacity

Spain and Portugal are becoming net exporters of oil products such as diesel amid declining local demand and additional refining capacity, according to Vienna-based researcher JBC Energy GmbH. “The developments are the result of additional hydrocracking capacity installed over the last few months,” David Wech, head of research at Vienna-based JBC, said today in a note. It is also because of “falling demand in the region, which has been severely hit by the euro zone crises.” Spain sold in July more gasoil and diesel than it bought, the first time since at least 2000, while Portugal has been a net exporter of the products over two months this year, JBC said in the report says Bloomberg.