Tag - Refiners' earnings unscathed by plunging oil prices

Refiners' earnings unscathed by plunging oil prices

Despite global oil prices hitting a multi-year low due to a supply glut, local oil refiners pocketed decent earnings last year on the back of improved cracking margins, and their stellar performance may continue into this year, analysts say. Oil prices have been in the doldrums since early last year on continued concerns over an oversupply. More recently, international sanctions on Iran were lifted allowing the oil-rich country to add new barrels to an already glutted global market. This year, crude [...]

Read more...