Page 39 - Policy Economic Report_Mar'25

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 18: Refining Margins ($/bbl)

Source- Argus and OPEC
The Southeast Asia gasoline 92 crack spread against Dubai reversed direction following the previous
month’s downturn and registered notable m-o-m growth in February. According to Kpler, China’s
February gasoline loading program suggested lower gasoline outflows in February. Additionally,
elevated refinery maintenance in the Middle East as well as refinery issues East of Suez, contributed to a
tighter gasoline market in Southeast Asia. The product’s margin averaged $7.04/b in February, up $3.19,
m-o-m, but down $7.72, y-o-y.
Figure 19: Singapore crack Spreads vs. Dubai ($/bbl)

Source- Argus and OPEC Page | 38

March 2025