Expect record global refinery throughput in Q3

Runs may surge but they won’t match demand growth

Global refinery throughput will reach a record level in Q3-but the volume still won't be enough to satisfy a rising market. Stocks will fall slowly to compensate, which should in turn tighten matters. Refinery throughput will reach 80.6m barrels a day, forecasts the International Energy Agency (IEA), peaking at 81.1m b/d in July. Throughput in rich nations will rise by 1.1m b/d from Q2 levels, reaching 38.3m b/d. Non-OECD throughput will also rise by the same amount, the IEA said, accounting for the remaining 42.3m b/d. But the overall numbers hide a detail that should provide some bullish impetus. The 2.2m b/d rise from Q2's global throughput is just 0.6m b/d higher than a year earlier-and,