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• Israel’s two refineries continued to run flat out in 2015. While average combined products output was at just under 293,000 b/d, slightly short of 2014’s record 295,000 b/d, operators Bazan and Paz continued to make the most of low crude oil prices. Brent prices averaged just over $50/B in 2015, less than half 1H 2014 prices.
• The country’s refineries have continued to take advantage of a cut-price source of crude, discounted barrels from Iraqi Kurdistan. Though KRG barrels gradually found a wider market in 2015, as increasing numbers of buyers, including several EU countries (MEES, 25 March) took cargoes, the region’s crude continues to trade at a discount to comparable grades.
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