Publications: Notes at the Margin

The Cards Are Stacked Against European Refiners: Implications for Global Crude Markets (October 28, 2013)


A number of factors are contributing to the demise of European refining. Many of these cannot be fixed by political actions or billions in investments. Indeed, the industry’s survival may require protectionist trade measures, some of which can be justified on energy security grounds. Should European refining expire despite all efforts to save it, its passing will affect crude and product markets across the globe. We discuss these issues and their implications for crude oil markets in this week's report.


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