In this episode, Energy Aspects' Head of Oil Products Research Robert Campbell discusses the outlook for oil products markets in 2021 with Head of Refining Raul Alcamo and Senior Oil Products Analyst Sandra Octavia.

Products markets will struggle in 2021 as refining capacity will continue to exceed demand, limiting the upside for margins. Additionally, jet fuel consumption is not going to return to pre-COVID-19 levels, adding further complications to the outlook.

The coming 18 months are likely to see increased refinery rationalisation, which will result in the long run in greater integration of oil products markets than before as longer-haul flows become more embedded in many markets, particularly Europe. But getting there may require enduring a bumpy road.