Surging margins and increased product sales helped make the downstream more proftable for many oil frms in the third quarter. BP’s refining margin indicator for northwest Europe rose by over 50pc to $13.50/bl in the third quarter from a year earlier, while Total’s European indica- tor climbed by close to 90pc to $48.20/t. Portuguese frm Galp’s benchmark refining margin more than doubled to $5.50/bl in the third quarter from a year earlier, while Finnish refiner Neste’s products reference margin nearly doubled to $7.21/bl. Spanish frm Repsol’s downstream division posted a 27pc rise in profts in the third quarter compared with a year earlier, refecting higher mar- gins and stronger sales.
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