Page 35 - Policy Economic Report - October 2024
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POLICY AND ECONOMIC REPORT
                  OIL & GAS MARKET

              Figure 21: Refining Margins ($/bbl)

              Source- Argus and OPEC

              The Southeast Asia gasoline 92 crack spread against Dubai extended its downward trend due to a
              lengthening balance. This was a result of challenging export opportunities, as Western markets were
              generally well-supplied and had softer regional requirements. The East of Suez gasoline market is
              expected to tighten further going forward, with the recent release of the new product export quotas
              available to refiners in China. This upside is expected particularly around October, amid the onset of the
              heavy maintenance season in the Atlantic Basin. The product’s margin averaged $4.98/b in September,
              down $2.07, m-o-m, and $6.56, y-o-y.

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