Page 31 - Policy Economic Report - November 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 15: Refining Margins ($/bbl)

Source - Argus and OPEC
The Southeast Asia gasoline 92 crack spread against Dubai rose for the third consecutive month, reaching
an 18-month high, as stronger fundamentals exerted upward pressure on gasoline margins. Limited
supplies due to unexpected refinery issues within the region and moderate exports from China provided
support. The margin averaged $12.27/b in July, up $2.75, m-o-m, and $7.27, y-o-y.
Figure 16: Singapore crack Spreads vs. Dubai ($/bbl)

Source - Argus and OPEC

The Singapore gasoil crack spread maintained its upward momentum, showing notable gains in October.
Although the m-o-m growth stood lower compared to the one registered for jet/kerosene, gasoil
represented the strongest margin contributor in absolute terms, as it outperformed all other products in
Southeast Asia. According to secondary sources, the most recent reports claim that Sinopec effectively
halted all gasoil exports in November, as its coastal refineries divert volumes inland to cover shortages.
This regional gasoil shortage is likely to persist in the near term if refinery maintenance remains elevated
in the coming months.

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