US net crude oil imports projected to decrease by 20% in 2025 [Yahoo! Finance]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Yahoo! Finance
This forecast is attributed to an increase in US oil production and a decline in refinery demand. The EIA's December short-term energy outlook (STEO) anticipates that the US will produce 13.52mbbl/d of oil in 2025, a slight rise from 13.24mbbl/d in 2024. US refiners are expected to process 16mbbl/d of crude oil in 2025, a reduction of 200,000 barrels per day compared with 2024, Reuters reported. The decrease in refinery runs is partly attributed to a reduction in US refinery capacity, which is expected to also lower crude oil net imports in 2025. Kpler Americas lead oil analyst Matt Smith said: "With refinery retirements already announced and rising production, fewer imported barrels will be needed while exports are likely to tick higher with greater crude availability." Phillips 66 announced in October plans to shut down its significant Los Angeles-area oil refinery by the end of next year. Similarly, LyondellBasell Industries detailed its previously announced plan to perm
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PSX
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- 10/29/24 - Miss
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- 12/9/24 - Form 4
- 12/9/24 - Form 4
- 12/9/24 - Form 4
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