May 2003

Columns

HPIn Europe: What does the year ahead now hold for refiners?

The present geopolitical situation has had both good and bad sides for the refining industry. On the one hand, in the lead-up to the hostilities in Iraq, the "war premium" that was adde..

Pitt, R., European Refining & Marketing

The present geopolitical situation has had both good and bad sides for the refining industry. On the one hand, in the lead-up to the hostilities in Iraq, the "war premium" that was added to the price of crude oil enabled refiners who had been through an extraordinarily tough time in 2002 to begin to recoup some of their money. On the other hand, the uncertainty over whether there was going to be a war and, if so, what would happen to oil supplies, caused many to look around for other possible sources of oil. In the event, the price of crude topped out at around $40 per barrel and has now dropped back to something like "n

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