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,
Also in this section
14 April 2026
The GECF has warned it may revise its projections for demand this year downwards in light of conflict in the Middle East, although it maintains its forecasts for 2027 and onwards
13 April 2026
Petroleum Economist analysis highlights sharp shift from crude oversupply to market deficit, with Iraq and Kuwait badly affected and key producers Saudi Arabia and the UAE also seeing output sharply lower
13 April 2026
Turkmenistan is moving ahead with a modest expansion of the giant Galkynysh field to sustain gas deliveries abroad, but persistent delays to other key pipeline projects and geopolitical risks continue to constrain its export ambitions
13 April 2026
Expensive electricity has forced out swathes of energy-intensive industry and now threatens the country’s ability to attract future investment in datacentres and the digital economy
