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Oil & Gas

IEA cuts global oil refining forecast

November 10, 2011
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PARIS — According to the International Energy Association (IEA), global refineries will process less crude than previously forecast in the fourth quarter, partly because of halts in Singapore and Taiwan, Bloomberg reported.

In its monthly oil market report, IEA said plants will process 75.1 million barrels a day in the last three months of this year, which is 260,000 barrels less than the previous forecast.

Crude processing in the fourth quarter is 420,000 barrels a day less than in the previous three months, the article stated.
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