Page 46 - Policy Economic Report -August 2026

POLICY AND ECONOMIC
OIL & GAS MARKET

regional product availability. Refinery utilization remained reduced due to elevated maintenance activity,
particularly in China, as well as limited crude availability and evolving export policies.

According to preliminary data, combined refinery intake for Japan, China, India, Singapore and South
Korea increased by 572 tb/d, m-o-m, to average 24.51 mb/d in July, although Chinese refinery runs
remained well below year-ago levels. Singapore refining margins against Oman averaged $24.65/b, up
$14.29/b, m-o-m, and $21.12, y-o-y.

Figure 20: Refining Margins ($/bbl)

Source: Argus and OPEC

The Southeast Asia gasoline crack spread against Dubai posted a modest gain compared to other light and
middle distillates, supported by expectations of lower Chinese gasoline exports, firm seasonal demand
and tighter regional balances. However, improving regional availability weighed on crack spreads later in
July. The gasoline crack spread against Dubai rose in July to the highest level since June 2022. The margin
averaged $29.64/b, up $1.91/b, m-o-m, and up $22.56/b, y-o-y.

Figure 21: Singapore crack Spreads vs. Dubai ($/bbl)

Source: Argus and OPEC Page | 45

August 2026