Analysis-Global refiners face profit slump as new plants come online
https://s.yimg.com/ny/api/res/1.2/S5lie4Oxtf4cWTpw8cj2cQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTYyNQ--/https://media.zenfs.com/en/reuters-finance.com/7bdc6ecbf30c1c68744b6fed61ee530f
https://finance.yahoo.com/news/analysis-global-refiners-face-profit-050326784.html
Oil refiners worldwide are seeing profits dwindle due to soft demand, as new refineries exacerbate the oversupply. Factors like economic slowdown in China and rise of electric vehicles contribute to the decline. Refineries in Asia, Europe, and the U.S. are affected, with companies like TotalEnergies experiencing a significant drop in profitability. This suggests an end to the refining supercycle driven by supply shortages post-pandemic. Analysts anticipate continued low refining profits amid surplus diesel and weakened gasoline margins.