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Crude Oil Price Suppression (Energy Intelligence, 2/3/23)

Crude Oil Price Suppression (Energy Intelligence, 2/3/23)

"Large US oil refiners have recently reported record profits. In their earnings calls, these companies touted the return of petroleum product demand, emphasized the improved efficiencies of their faculties and discussed the expansion of their renewable fuels capacities. But none mentioned crude oil price suppression. Yet over the last 12 months the refining sector has effected a transfer of almost $690 billion from crude producers to refiners. In rough term this represents a transfer of $20 per barrel from producers to refiners. This will likely continue in 2023, with refiner gains having recently increased to almost $30/bbl. Oil-exporting countries and producing companies have all suffered." Read more here.