Related Articles
Forward article link
Share PDF with colleagues

Margin call

European refining enjoyed a healthy end to 2016. Opec's production deal should add further support

Falling global refinery throughput since the summer has helped to draw down oil-product stocks and support margins. In October, global refinery runs averaged 77.2m barrels a day, according to the International Energy Agency (IEA), down from almost 81m b/d in July. As runs fell, so did inventories. This boosted refinery profitability, especially in Europe. Between July and October Brent cracking margins surged by almost 50%, reaching year-to-date highs of $5.72 a barrel, according to the IEA. The agency expects global refinery runs to have fallen by a seasonal 1m b/d in Q4 2016, down to 78.9m b/d. While this is 150,000 b/d higher than in Q4 2015, growth over the whole year-estimated at 270,0

Also in this section
Middle distillates take centre stage
20 April 2018
Oil-product demand, especially for middle distillates, is rising more quickly that processing capacity. It's good news for refiners
Shipping sector braces for emissions storm
20 April 2018
Is the fuel oil market ready for tighter carbon and sulphur emissions rules on shipping?
Southern Gas Corridor project defies sceptics
16 April 2018
Azeri gas will be flowing into Europe via a new route by the summer