North Dakota Refining Slow economic growth in Asia has led local downstream firms to turn down refining production as energy products flood the regional market, according to a recent report by Reuters. Typical seasonal patterns require energy producers to increase output before and during the summer months to meet demand caused by the increased use of cooling devices. However, many Asian refiners have decided to cut output capacity in July and August after several countries in the region binge-purchased oil and gas after the oil price drop earlier this year. “Falling refining margins are prompting refiners to consider economical run cuts,” said Sri Paravaikkarasu, a senior analyst at Facts Global Energy . “This will help to clear some surplus in the second half of 2016.” Increased crude oil prices have also pushed refiners to decrease margins on processing services. PetroChina and Chevron Corp.’s joint venture, Singapore Refining Company, will […]