November 2014

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HP Global: European refining—Cornered, with no way out?

2013 was a dismal year for European refining in terms of record low crude runs, which reflect weaked demand outlook and increasing competition from other regions. Out to 2020, we envisage European ref..

Gelder, A., Wood Mackenzie

2013 was a dismal year for European refining in terms of record low crude runs, which reflect weaked demand outlook and increasing competition from other regions. Out to 2020, we envisage European refining to remain challenged by low demand growth and increasingly competitive exports from regions such as North America, Russia and the Middle East (ME). Commercially, Europe is cornered by exports from these markets, with no apparent exit route. Historical perspective The historical oil product demand for Greater Europe (Northwest Europe, Scandinavia and the Baltics, Central and Eastern Europe and the Mediterranean) is illustrated in Fig. 1. This figure also shows the crude runs through its r

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