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Jun 02, 2020 PRINT EDITION
Business

European gasoline margins rise as oil prices fall

Northwest European gasoline refining margins rose to more than $7.5 a barrel as oil prices fell 10%. Arrivals of European gasoline and gasoline components to the United States were seen at around 137,800 tonnes so far in March, Refinitiv Eikon data shows.

March 10, 2020

Northwest European gasoline refining margins rose to more than $7.5 a barrel as oil prices fell 10%. Arrivals of European gasoline and gasoline components to the United States were seen at around 137,800 tonnes so far in March, Refinitiv Eikon data shows.
A three-year honeymoon between OPEC and Russia descended into acrimony on Friday after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus and OPEC responded by removing all limits on its own production. US oil refiners are expected to have about 1.2 million barrels per day (bpd) of capacity offline for the week ending March 6, reducing available refining capacity by 45,000 bpd from the previous week research company IIR Energy said on Friday.
Russian offline primary oil refining capacity is seen rising threefold in April to 3.092 million tonnes, energy ministry data showed on Friday, as the seasonal maintenance unravels. Liberia suspended the licences of all fuel importers, including France's Total, on Friday to conduct performance reviews after some of the companies overdrew from reserves in state-run facilities, leading to gasoline shortages.

Copyright Reuters, 2020