European oil refiners aim to maximize gasoline output to meet increased global demand for gasoline and naphtha in the Asian and US markets, Reuters reported.
The world faces a growing excess of diesel, after major refiners, including Total, BP, Royal Dutch Shell, and ExxonMobil, had invested heavily in building up diesel production facilities worth hundreds of millions of dollars in the past decade. They are now taking measures to increase gasoline output instead, seen until recently as a mere by-product of diesel production cycle. According to estimates, however, the global shortage in gasoline is expected to continue in 2016.
Meanwhile, the price for US Gulf Coast naphtha barges slid to a 2008 low amid growing interest in shipments to Asian customers, Platts informed.