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Europe's refiners to pay price for oil glut in US

Continent's Q3 processing margins may drop by about 42 per cent: Wood Mackenzie
Saturday, April 18, 2015 - 05:50
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OIL APLENTY: US refiners also threaten European exports. America's shipments to West Africa more than doubled from 2012 to 2014 and rose by 16 per cent to Latin America, EIA data show.

London

THE biggest crude glut in the US since the 1930s means one thing for European refiners: The highest margins in eight years won't last.

US plants, ending seasonal maintenance, will push down European prices with rising exports, particularly of diesel and jet fuel, as they eat