In this episode, two of our most senior analysts—Raul Alcamo and Amrita Sen—discuss the outlook for refinery margins, the challenges facing the entire refining landscape and the impact on crude differentials.

Thanks to the gradual recovery in demand, refining margins may have found a floor this year but as crude markets continue to tighten, the fight for barrels will mean refining margins will remain under immense pressure. 

Ultimately, over 5 mb/d of refineries will have to close with the brunt of the closures likely to be in Europe. Indeed, Europe will likely have to import the bulk of its products needs going forward.