Oversupply situation: A file picture shows a fisherman rowing his dinghy past oil refineries near port terminals in Singapore. Refinery margins in the city-state, the Asian benchmark, fell to US2.94 per barrel, down over 70 since January. – Reuters
SINGAPORE: Singapore’s oil refining profits dropped to two-year lows, in the latest sign that the industry is pumping out too much fuel for the market to absorb.
Refinery margins in Singapore, the Asian benchmark, fell to US$2.94 per barrel yesterday, down over 70% since January and its lowest level since August 2014.
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