Along with OPEC production cuts and healthy company numbers, (both discussed below) the market is clearly disjointed. The tenor of discussions in the business pages and networks lately suggests that Yeats was right, and the centre cannot hold. Recession or recovery, echo boom or bust, few are predicting prolonged instability somewhere between these extremes.
A special report by Fitch highlighted the squeeze in margins faced by some Asian downstream oil and gas companies such as Indian Oil Corporation and Sinopec. Steve Durose, Regional Co-Head of Fitch’s Asia-Pacific energy and utilities team, said: The financial performance of Indian Oil Corporation, Sinopec and CPC Corporation, has suffered significantly over the last two years [...]
OIL refiners in Asia have cut or are planning to reduce crude processing rates as margins were reduced to weakening fuel demand. For more information, click here
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