The Middle East Cleans Up
Sept. 20, 2018
The Middle East stands as the largest crude export region in the world with about 20 million b/d of outflows annually; however, what is perhaps less realized is its growth potential as a clean product export region. We are beginning to see a fundamental change in the Middle East petroleum industry, with initiatives from government entities to diversify away from reliance on upstream revenues and towards a wider scope of product exports. As a result, the Middle East has expanded refinery capacity to reach 9.4 million b/d as of the end of 2017 from just 8.4 ...