French refining feels the squeeze
Tougher economics could spark another rationalisation in the sector
The impact of the Covid-19 pandemic has seen European refining margins turn negative for the first time since the IEA began tracking them in 2006. After milder conditions in the second half of the 2010s, France’s refining sector could again see casualties such as it experienced in the 2009-12 period. Back then, a third of the country’s 12 existing facilities stopped refining, although infrastructure was mostly repurposed as product storage. Closure of the Mardyck, Reichstett, Berre L’Etang and Petit Couronne plants removed a combined capacity of almost 400,000bl/d. European refineries, including those in France, have since benefitted from sustained lower crude prices post-2014, robust global

Also in this section
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand