US refiner Delek could run more light sweet oil if tariffs bite, CEO says
U.S. President Donald Trump on Saturday announced a 10% tariff on Canadian oil, and a 25% tariff on imports from Mexico, though implementation was put on a month-long pause on Monday after discussions between the countries' leaders.
While the U.S. is the world's top oil producer, with output at a record 13.5 million barrels per day of crude, much of it is light in density and not ideal for domestic refineries that are largely configured to refine heavy crudes.
"We have knobs to open...we can do whatever is economic," Soreq said on the sidelines of the Argus Global Crude Summit in Houston when asked whether Delek will run more light, sweet crude in its refineries.
Soreq also said the company expects Permian Basin oil production growth of 250,000 bpd to 300,000 bpd in 2025 and 2026.
The U.S. Energy Information Administration sees total Permian Basin output at 6.61 million bpd in 2025, and at 6.89 million bpd in 2026, compared with 6.31 million in 2024.
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