Total’s European refining margin indicator (ERMI) fell to $35.50/t ($4.83/bl) in the fourth quarter last year, down from $48.20/t in the previous quarter and $41/t in the correspond- ing period of 2016. Total’s ERMI represents “the margin after variable costs for a hypothetical complex refinery located around Rotter- dam in northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region”.
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