July 29, 2024--Written by Paul Wiseman for Industrial Info Resources (Sugar Land, Texas)--Refiners who briefly saw strong earnings from supply shortages stimulated by embargoes on Russian crude--the so-called Golden Age of refining in Europe--have had a crude awakening this year. Diminished demand and new refineries in Africa and the EU have combined with OPEC+-led steady crude prices to squeeze the crack and, therefore, profits in second-quarter 2024 earnings reports released last week.
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