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
Rovuma exports inch closer
24 April 2017
Eni's project in Mozambique should soon get the official go-ahead. Tanzania's progress is much slower
Start-stop for Russian LNG
24 April 2017
Some Russian LNG projects are advancing, but bigger expansion plans look ever distant
Surf's up for LNG in Europe
24 April 2017
Everyone expected a wave of supply to be hitting Europe’s market by now. It hasn’t arrived yet, but it will