Global oil and refining markets: what to watch in 2023

Oil markets have experienced a truly unprecedented year, as Russia weaponised its energy exports in response to EU and G7 sanctions, causing energy prices to soar. The shadow of Covid-19 has loomed large over China, with large parts of its petrochemical and manufacturing sector locked down for many months. Pandemic driven refinery closures, self-sanctioning by many European companies and low product export quotas from China tightened the refined product markets, with refining margins hitting record highs during the summer months So what does 2023 hold for global oil and refining markets? In this insight we explore the key risks and uncertainties for next year, and offer our predications on what is likely to be another tumultuous year for global oil markets.