German refining faces North Sea reductions, MidEast/Asian refining expansion

摘要

Reductions in North Sea output may result in cost increases as well as logistical challenges for German refiners, which have traditionally sourced 32% of their feedstocks from the area. The Middle East has been providing 18% of Germany's crude, and 15% has come from North and West Africa. Russia and the CIS provide 35% of Germany's refining feedstock, but Russia has pivoted toward boosting exports eastward in recent years, leaving Europe to find other sources.