Refining

Refinery throughput growth slowed to 0.6 million b/d in 2016, with crude runs falling in Mexico (-130,000 b/d), South & Central America (-210,000 b/d) and Europe & Eurasia (-300,000 b/d)

Global refinery capacity increased by only 0.4 million b/d, well below 10-year average growth (1 million b/d) for the second year in a row as Chinese capacity declined.

Global refinery utilisation rose from 82.4% in 2015 to 82.9% in 2016. Utilisation in South & Central America fell to 72% - the lowest since 1987.

Refinery utilization (percentage)

Refinery utilization (percentage)

Regional refining margins ($ per barrel)

Regional refining margins ($ per barrel)

Methodology

The refinery capacity data presented in this Review represents the sum of reported atmospheric crude distillation and condensate splitting capacity. Capacity should comprise the amount of input that a distillation facility can process under usual operating conditions, taking into account scheduled downtime. Figures are in thousand barrels daily at year end per calendar day.

Refinery throughputs are based on the quantity of crude and condensate processed in atmospheric distillation units and condensate splitters. Figures are in thousands of barrels per day.

The refining margins presented are benchmark margins for three major global refining centres: US Gulf Coast (USGC), North West Europe (NWE - Rotterdam) and Singapore. In each case they are based on a single crude oil appropriate for that region and have optimized product yields based on a generic refinery configuration (cracking, hydrocracking or coking), again appropriate for that region. The margins are on a semi-variable basis, i.e. the margin after all variable costs and fixed energy costs.

Sources

Refinery capacity and throughput includes data sourced from ICIS.

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