Insight
Global composite refining margin update
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Report summary
The Russia/Ukraine conflict required a re-evaluation of our global composite refining margin. European refiners have replaced sanctioned Russian medium sour crude with lighter US grades while high Middle East OSPs and OPEC+ supply cuts have further lightened slates globally. The rationalisation of more simple refining complexes in Europe / US has also been replaced with large, complex integrated configurations in the Middle East and China, with nearly 40% of total global crude runs now in Asia Pacific. As such, benchmark margins have been developed to represent regional refinery configurations and aggregated crude slates, with the weighting of the global composite updated to reflect changes in regional crude throughputs.
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