US oil giants boost refinery output as fuel supplies tighten
AgenciesUS oil companies are investing to get more fuel out of their refineries and bringing closed plants back online, as the Iran war and Ukrainian attacks on Russian refineries...
Oil companies are ramping up refinery output to counter tightening fuel supplies caused by the war in Iran and attacks on Russian refineries. ExxonMobil's CEO Darren Woods announced record fuels utilization outside the Middle East, with US Gulf Coast refineries running at full capacity. He attributed the shortage to lost capacity in the Middle East and Russia due to drone strikes, as well as lower refined output in China.
Chevron also reported record volumes processed, and its CEO Mike Wirth said they are reinvesting to meet the supply constraints. About 10 percent of global refining capacity remains offline. The profit surge is due to high commodity prices and refining margins. The shortage has sparked protests in Asia, Latin America, and Europe.
Russian Deputy Prime Minister Alexander Novak confirmed Ukrainian drone attacks on three oil refineries and a gas-chemical complex, further reducing output. ExxonMobil has invested $17 billion in expanding capacity, including two plants in Texas.
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