*Israel’s refinery output slumped to the lowest half-year figure in three years at 261,700 b/d for 1H 2024 (see chart 1). Both the 197,000 b/d Bazan (ORL) refinery at Haifa in northern Israel and the 100,000 b/d Ashdod Refinery 110km further south – both on the Mediterranean coast – posted sequential half-year drops in output. Bazan saw output fall 9% sequentially to 176,000 b/d while Ashdod output has yet to fully recover from late-2023/early-2024 shuttering of the nearby Ashkelon import terminal, which lies just north of Gaza.