IEA lowers global refinery throughput forecast for 4Q20

Oil

The International Energy Agency (IEA) has lowered its global refinery throughput forecast for 4Q20 by 300K b/d to 75.8M b/d compared to its last report, stating that throughput levels remain around 3M b/d below the level needed for oil product stocks to be drawn down. Despite the downward revision this is still an increase of 2.1M b/d q-o-q, as demand for refined oil products such as gasoline and diesel continues to recover. Refinery inputs for 2020 are now expected to average 74.5M b/d in 2020, which is a decline of 7.2M b/d y-o-y. Global refinery throughput for 2021 is forecast to rise by 4.9M b/d y-o-y to 79.4M b/d, however this is still a decline of 2.3M b/d compared to 2019 levels.