The amount of crude oil churned out from refineries reached a record high last month, according to the International Energy Agency’s monthly oil market report out yesterday.
It states the global “throughputs” surged to a high of 78.9 million barrels per day (mb/d) in December. For the last quarter of 2014, this means oil processed could average out at 78.2 mb/d.
A glut of oil is one of the reasons why future prices for Brent crude oil are approaching six-year-lows.
However the IEA says the amount of oil processed at refineries is forecast to ease off at the start of 2015, to 77.8 mb/d. This is “amid brimming product inventories, weakening margins, lower demand and increased refinery maintenance”, adds the IEA.