Europe’s refining sector struggles to adapt
Aftershocks from Russia’s invasion of Ukraine continue to roil refining and flows of products around Europe, in the Atlantic basin and across the world
Russia’s invasion of Ukraine has resulted in significant disruption for the Atlantic basin refining sector. Europe’s refineries have already turned away from Russian crude, feedstocks and products amid widespread self-sanctioning and looming embargoes, but questions remain over security of supply. And there are now huge opportunities for refining centres further afield, particularly the rapidly expanding sector in the Mideast. “We expect the current tightness in global refining capacity to continue through winter,” says George Dix, refining analyst for consultancy Energy Aspects. This will be the case "particularly for diesel” due to the European embargo on Russian supply from February 2023,
Also in this section
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields