Page 33 - Policy Economic Report - March 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Global, Indian product delivery remained subdued through January and February, reflecting typical
seasonal weakness. Meanwhile, total product inventory in the Amsterdam-Rotterdam-Antwerp storage
hub declined 3.5%, m-o-m, and 3.6%, y-o-y, according to S&P Global data published on 26 February.
According to preliminary data, February refinery runs in EU-14, Norway and the UK decreased by 380
tb/d to an average of 9.30 mb/d. Refinery margins against Brent in Europe averaged $7.70/b in
February, which was $1.47 higher, m-o-m, but $3.09 lower, y-o-y.
Figure 16: Refining Margins ($/bbl)

Source - Argus and OPEC
The Southeast Asia gasoline 92 crack spread against Dubai fell, as the region remains well supplied amid
elevated regional supply, particularly from India, and strong refinery runs. Going forward, gasoline
fundamentals in the region are expected to firm up amid the heavy turnaround season in the Atlantic
Basin; however, geopolitical trade transit constraints could limit this upside. The margin averaged
$7.03/b in February, down $2.32/b, m-o-m, and marginally down $0.01/b, y-o-y.
Figure 17: Singapore crack Spreads vs. Dubai ($/bbl)

Source - Argus and OPEC Page | 32

March 2026