OIL DEMAND GROWTH
South Korea's S-Oil Corp said on Monday it expected global demand for refined oil products to continue to grow in the fourth quarter and next year, supporting refining margins.
S-Oil, whose main shareholder is Saudi Aramco, reported a 12.4 billion won ($10.97 million) operating income in the third quarter, compared with 606.2 billion won in the second quarter, due to lower refining margins and inventory related losses.
But operating income rebounded from a 38.3 billion won loss a year ago.
"The fourth-quarter oil demand will be mainly boosted by heating oil demand in Asia. And in 2016, North America and Asia will continue to drive the global oil demand growth," the country's third-largest refiner said in an earnings statement.
The refiner said net additions to global refining capacity would run well below expected demand growth for the next few years.
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