Sour overhang builds

摘要

Lower refinery runs and falling demand for Mideast Gulf grades have left a sour crude overhang in Europe. Falling compliance with Opec targets is boosting the amount of sour crude in the market. Mideast Gulf Opec members excluding Iraq are producing nearly 900,000 b/d above quota, an increase of 500,000 b/d on March last year. Much of the increase is going to the Asia-Pacific market, China imported 370,000 b/d more crude from Mideast Gulf Opec members in December than in March last year. But demand for Mideast Gulf crude is falling in Europe.