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LONDON, Sept 11 - European oil refiners are set to have an autumn maintenance season less busy than usual, analysts and traders say, as they try to capture higher profit margins amid low fuel inventories and robust demand for gasoline and diesel.
For the whole year, Woodmac forecasts average shutdowns of about 1 million bpd, about 300,000 bpd below pre-pandemic 2019 levels. Sweden's Preem has began a maintenance shutdown at its 126,000 bpd Gothenburg plant which will last up to five weeks. "With global oil demand continuing to break record levels, a lack of spare crude processing capacity due to a near-decade of ESG-induced underinvestment, is resulting in higher refinery crude runs," bank MUFG analyst Ehsan Khoman said.
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