FILE PHOTO: The LyondellBasell refinery in Houston, Texas. REUTERS/Loren Elliott
World fuel demand may have rebounded to pre-pandemic levels, but production has not, according to a report by Reuters.
Top refining countries — the United States, China, and Russia — are all operating below peak processing levels, exacerbating high prices and aggravating shortages of diesel and gasoline globally.
Many factors are to blame, such pandemic closures, sanctions on Russia and export quotas in China.
LyondellBasell (LYB.N) recently said high maintenance costs would force it to shut down its Houston, TX, plant that could process more than 280,000 bpd.