Valero cuts gasoline output due to poor margins

NEW YORK, March 11 (Reuters) - Valero Energy Corp. (VLO.N: Quote, Profile, Research) said on Tuesday it has slightly reduced rates at some gasoline-making units at its refineries because of poor profit margins.

Speaking in San Diego, Bill Klesse, chairman and chief executive officer of the largest U.S. refiner, told attendees at the National Petrochemical and Refiners Association meeting that recent negative profit margins in the Upper Midwest forced Valero to slightly curtail rates at some fluid catalytic cracking units.

Klesse said that he expects U.S. gasoline margins to improve heading into the summer driving season. (Reporting by Rebekah Kebede, writing by Janet McGurty)