Summer sun set to shine on European refining
The warmer months ahead promise margins upside
A surge in summer driving and flying will be welcome news for European refineries. Oil product margins, especially jet fuel, have borne the brunt of low demand during the pandemic but should see a recovery as vaccines and fewer restrictions bring people out of their homes. More people should be travelling—most likely by road, initially, but also by plane as air corridors re-open—boosting consumption of transport fuels. Europeans also have money to spend, as lockdowns led to ballooning savings. The eurozone’s household savings rate (the share of a household’s income going to savings) reached record highs at the end of 2020, according to statistics body Eurostat. $1.70/bl – OMV’s Q1 Euro

Also in this section
7 July 2025
The end of Grangemouth and Lindsey oil refineries marks a worrying trend across Europe amid cost and transition pressures
3 July 2025
The July/August 2025 issue of Petroleum Economist is out now!
2 July 2025
The global energy community will converge in Dubai on 10 December for a landmark event dedicated to shaping the future of natural gas across the region
30 June 2025
Government is sending out the right policy signals to support increased domestic gas development, but policy takes time to implement and even longer to yield results