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Lower prices, more refineries and an embarrassing move by Venezuela
Publication year - 2005
Publication title -
oil and energy trends
Language(s) - English
Resource type - Journals
eISSN - 1744-7992
pISSN - 0950-1045
DOI - 10.1111/j.1744-7992.2005.301206.x
Subject(s) - oil refinery , refinery , shut down , stock (firearms) , downstream (manufacturing) , agricultural economics , crude oil , upstream (networking) , business , environmental science , waste management , engineering , economics , operations management , petroleum engineering , nuclear engineering , mechanical engineering , telecommunications
This section summarizes downstream developments of the previous month. Exploration & Production are covered in 'Upstream Review'. Oil prices eased downwards as stock levels were reported increasing in several markets, including the key US middle distillate market, where heating oil stocks rose thanks to a combination of high import levels and a rise in refinery production as capacity was brought back on‐line following shut‐downs caused by this summer's hurricanes. Only three refineries remain closed: two in Louisiana‐Belle Chasse and Mereaux ‐ and one in Texas ‐ BP's Texas City plant ‐ amounting in total to 835,000 bpd of crude distillation capacity. Meanwhile, several US refineries have announced plans for new capacity.