Page 47 - Policy Economic Report - September 2026
P. 47
POLICY AND ECONOMIC
OIL & GAS MARKET
pressure later in the month, as Chinese exports rose. Higher medium sour crude prices also dampened
refining economics in August.
According to preliminary data, refinery intake in Selected Asia – China, India, Japan, Singapore and
South Korea – increased by about 520 tb/d, m-o-m, to average 25.20 mb/d in August. Refinery margins
against Oman averaged $19.79/b, down $4.86/b, m-o-m, and up $16.97/b, y-o-y.
Figure 21: Refining Margins ($/bbl)
Source: Argus and OPEC
The Southeast Asia gasoline 92 crack spread against Dubai declined in August as regional supplies
increased. Higher refinery runs and higher exports from China and South Korea improved availability, and
seasonal support started to fade. The Singapore gasoline crack spread against Dubai averaged $23.17/b,
down $6.47/b, m-o-m, and up $14.64/b, y-o-y.
Figure 22: Singapore crack Spreads vs. Dubai ($/bbl)
Source: Argus and OPEC
The Singapore gasoil crack spread increased slightly. Tight global diesel supplies provided support, but
rising Chinese exports and higher regional refinery runs limited the upside compared with the Atlantic
Basin. The Singapore gasoil crack spread against Dubai averaged $66.26/b, up $2.27/b, m-o-m, and
$50.32/b higher, y-o-y.
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