Bulging product stocks pressurise refinery margins
Profits for processing crude into refined products have fallen far from last year’s highs. Europe in particular is feeling the pressure
REFINING margins across the globe are under pressure, buckling under the weight of bloated stocks. Last year's slump in Brent prices was especially good for European product owners when margins rebounded after years of weakness. But now cracking margins across the globe are under pressure and European refineries in particular are struggling to make processing crude in products pay. Margins are the weakest in the Mediterranean. Profits for processing Es-Sider into refined products slumped to just $1.36 a barrel ($/b) for the week ending 29 July, data published by investment bank BNP Paribas show. That's down from $3.59/b at the beginning of June and compares to an average of $3.08/b in Q1 and
Also in this section
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
