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South Korea refiners to trim output in August on weak margins
Refineries in South Korea are gearing up to trim output in August on persistently weak margins and as some units are shut for maintenance, sources with direct knowledge of the matter said on Monday.
South Korean refiners are among the first in the region to react to slow demand as they are a major exporter of petroleum products. The output cuts reinforce an unusually weak oil consumption outlook in Asia this summer.
South Korea has the fourth-largest refining capacity in Asia Pacific at 2.887 million barrels per day, according to BP Statistical Review 2014.
The country's top two refiners, SK Energy and GS Caltex, will operate at 70-87 percent of their capacities in August, down about five percentage points from July, the sources said. S-Oil Corp, the country's third largest refiner majority owned by Saudi Aramco, is operating at 95 percent, two sources said.
South Korean refiners are among the first in the region to react to slow demand as they are a major exporter of petroleum products. The output cuts reinforce an unusually weak oil consumption outlook in Asia this summer.
South Korea has the fourth-largest refining capacity in Asia Pacific at 2.887 million barrels per day, according to BP Statistical Review 2014.
The country's top two refiners, SK Energy and GS Caltex, will operate at 70-87 percent of their capacities in August, down about five percentage points from July, the sources said. S-Oil Corp, the country's third largest refiner majority owned by Saudi Aramco, is operating at 95 percent, two sources said.
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