Europe’s refiners had to be content with a weak trading environment in the third quarter, denting their margins. Upgrades helped some refiners run heavier, sourer crudes. But sanctions on Iran and patchy Iraqi exports helped boost replacement alternative sour grades, such as Russian Urals, eroding gains. Refinery runs in the EU-16 countries — comprising the EU before 2004, plus Norway — fell below 9mn b/d in October, the lowest in 23 years, as crack spreads averaged nearly $7.50/ bl lower than a year earlier (see graph).
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