Refiners defy oil price slump with strong Q1 profits on solid margins

Global refiners post strong Q1 profits as margins rebound, with some doubling to $16/bbl despite falling oil prices.

Despite slumping oil prices, global refiners are turning in strong first-quarter earnings, thanks to a sharp rebound in profit margins, Reuters reports, with U.S. Gulf Coast refiners processing Mars crude enjoying a doubling of margins to some $16 per barrel, $7 margins in Singapore for Dubai crude, and a 36% margin jump in Asia for Arab Light crude.

All in all, we’re looking at refining margins for the first-quarter of this year that are better than 2024, even as upstream margins weaken and the industry at large expresses concern over a cooling global oil demand outlook.

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Source: Oil & Gas 360

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