Valero Energy Corp's Chief Executive Bill Klesse said on Thursday that new refineries in Asia and the Middle East like Reliance Industries giant Jamanagar, India, plant are selling to local markets and not exporting to the United States.
"The supply that's coming on-line from those refineries has stayed in their local markets," Klesse said during a Thursday morning conference call with Wall Street analysts.
Klesse said a 2.5-million barrel per day (bpd) surge in global petroleum demand was due to growth in emerging markets, where Valero has been exporting products.
The company is exporting 200,000 bpd in diesel, he said.
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