In episode two of Back to Fundamentals, Energy Aspects’ Founder and Director of Research, Amrita Sen, is joined by Head of Refining, Raul Alcamo, to discuss what awaits refiners in 2021. Refining margins have picked up in the new year but remain below breakeven levels in most parts of the world, particularly Europe. We see the need for greater rationalisation in Europe, especially as new Middle Eastern refineries start up. These new refineries will also reduce the export of heavy crudes at a time when further upgrades to Asian refineries will increase the demand for heavy grades. Even as mobility starts to increase in H2 21, the challenges facing refineries will be far from over. 

Ver todos los episodios