Refiners struggle to keep up in Latin America

Imports are on the rise across the region as refiners struggle to keep up with demand

The global trade in refined oil products has taken a curious turn in recent months. The world’s two largest crude importers, China and the US, have ramped up exports of gasoline, diesel and other refined products. US refiners are processing more domestic crude than they have in years at the same time demand has fallen. China’s refiners are looking for better margins beyond the tightly controlled domestic market. It raises the question: if the US and China are selling, who is buying? Increasingly the answer is Latin America and the Caribbean, which has emerged as an important refined products market, particularly for US Gulf Coast refin