Goldman Sachs: Tight refined oil supply may persist until 2027, exports could be restricted

(1) Goldman Sachs stated that as refineries are intensively carrying out previously postponed maintenance work, tightness in refined oil product supply may persist until 2027, and exports may consequently be restricted.
(2) Analysts including Filippo Cuscito and Daan Struyven mentioned in a research report on October 25 that multiple US maintenance plans have been delayed, and the global planned maintenance scale has decreased by 1.7 million barrels per day year-on-year.
(3) India and South Korea are major exporters of refined oil products, and both countries plan higher maintenance volumes in Q2 2027, which may reduce refined oil product exports, with diesel and jet fuel being particularly affected.