Saudi Aramco has canceled plans to build a refinery and chemicals project in the kingdom and is reviewing three others as it evaluates spending plans with a focus on expanding in Asia.
Refinery margins for petroleum refiners across the world are shrinking, indicating reduced profitability from refining crude oil and selling petroleum products.
As China, the world's second-largest oil consumer, may reach a peak in refined product demand by 2027, the implications for the global oil market and prices are significant.