|SIn general, regional utilizations in 2003
and 2004 were not at all-time highs.
Refining capacity utilization in most regional markets reached a high
point in 1998, and 2004 is showing lower utilizations.
|SAs just described, while Asian demand and
utilizations have rebounded, the
utilizations in 2004 are below the 1998 peak levels.
|SOther regions listed on this slide show signs
of increases in utilization in 2004 from 2003, but they also are not at
|–In the Atlantic Basin, utilization was up
modestly in both the U.S. and Europe.
Data is not yet available for Latin America, but based on 2003
utilizations, 2004 utilizations will not be at maximum levels.
|–The Asian demand growth has likely increased
utilization in the Middle East, but like the other regions, Asia was not at
|SIn summary, we are not out of distillate
capacity, but what about conversion capacity?