S-Oil sees Q2 refining margins remaining healthy due to high product prices

ReutersMay 11, 2026 12:30 AM

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SEOUL, May 11 (Reuters) - South Korea's S-Oil 010950.KS, whose main shareholder is Saudi Aramco 2223.SE, said on Monday it expects second-quarter refining margins to remain healthy, as supply disruptions look set to outweigh demand softness driven by high product prices.

In the January-March period, the refiner said it operated the crude distillation units (CDUs) at its 669,000 barrels-per-day (bpd) oil refinery in the southeastern city of Ulsan at 85% of capacity, compared to 96% during full-year 2025.

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