• Israel’s two refineries continued to run flat out in 2015. While average combined products output was at just under 293,000 b/d, slightly short of 2014’s record 295,000 b/d, operators Bazan and Paz continued to make the most of low crude oil prices. Brent prices averaged just over $50/B in 2015, less than half 1H 2014 prices.

• The country’s refineries have continued to take advantage of a cut-price source of crude, discounted barrels from Iraqi Kurdistan....