Worldwide Conversion Capacity Tight, Say Oil Execs

摘要

Less global flexibility to produce refined products is causing a tight refining market, said two oil executives separately at the UBS Oil & Gas Conference recently. "There's not much excess refining capacity" compared to the prolonged period of overcapacity that had occurred in the 1980s and 1990s, said Thomas Hofmann, senior vice president and CFO for U.S. refiner Sunoco. "…So as we get continued growth in Asia and the Mid East, and we don't get a whole bunch of new [capacity] built, that typically makes that balance a little tighter than it was."