The global oil product market could experience a surplus of gasoline supply as early as 2017, according to the latest long-term oil product market forecast from Wood Mackenzie Ltd . The research and consultancy firm explains that the surplus, combined with a deficit of middle distillate and fuel oil, would put significant pressure on refiners by the end of the decade. Refiners currently benefit from low oil prices, unplanned refinery outages, and slower-than-expected ramp-up of new facilities, collectively helping keep oil product markets tight. And refiners are struggling to meet gasoline demand growth of 420,000 b/d. However, WoodMac cautions that oil demand growth will eventually slow in the long-term due to increasing efficiency and alternative fuel sources. The firm expects margins to fall by 2019 to the minimum sustainable level for some refiners and identifies key market indicators that could see gasoline cracks bottom out at low levels last […]