Phillips 66 Says Asian Oil Buyers Are Prioritizing Supply Security Over Price

According to Sina Finance, U.S. refiner Phillips 66 said the Iran-Israel war has pushed Asian oil buyers to shift their focus from price to energy supply security, giving suppliers with stronger control over shipping capacity a competitive advantage. Mark Senn, Phillips 66 senior vice president of global trading, said at S&P Global Energy's APPEC conference that supply security is a key concern in Asia, whereas price used to matter more. He said Phillips 66's fleet gives it a "commercial advantage" when doing business with Asian customers. Senn also said the refining industry has little room to adjust when shocks hit, and that the U.S. refining sector is currently operating at full capacity with very few unplanned outages.