http://www.bloomberg.com/news/articles/2016-02-11/china-turns-a-glut-of-oil-into-a-flood-of-diesel-swamping-asia
Singapore Dubai cracking margins have averaged $1.92 a barrel so far this year, down from $3.96 during the last quarter of 2015, research firm Energy Aspects Ltd. said in a Feb. 8 report. Profits are expected to average $3 a barrel during the first quarter of this year, down 32 percent from the same period last year, it said in the note.
CNPC, as China’s biggest energy company is known, predicts the country’s refineries will increase output this year after the government started giving licenses to independent refiners -- those known as teapots -- to ship their products abroad. South Korea’s biggest processor says the flood will probably weaken margins and Taiwan’s Formosa Petrochemical Corp. sees it as a “risk factor.”
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