Profitability among Europe’s hydroskimming refineries is now the highest on record, with the exception of the time immediately following Russia’s invasion of Ukraine. But even with profitability at a near all-time high, utilization in European OECD refiners averaged just 81% in June—530,000 bpd less than the same month last year and making European refining the “epicentre of the operational underperformance,” the IEA said in its latest Oil Market Report (OMR).
The bottom line, according to the IEA, is that refiners…IEA: European Refiners Aren't Taking Advantage Of Higher Margins
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