Refinery of the future: refining’s business of chemical transformation has a long future Report

Insight 26 July 2022

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Report summary

The global refining sector is currently enjoying a post pandemic recovery boom, with its June 2022 composite monthly margin at record highs. This is a very different situation from the depths of the global pandemic, which was only two years ago. In 2020, in Europe, our Refinery Evaluation Model indicates that few refiners were cash positive. Other regions experienced similar challenges, triggering the rationalisation of almost three million barrels per day of refining capacity.

Crisis? What crisis?
Russia/Ukraine conflict represents a geopolitical crisis
Resilience in the face of the energy transition
Key attributes of successful future refineries

Tables and charts

This report includes the following images and tables:

Figure 1: Wood Mackenzie global refining composite margin (US$/bbl)
Figure 2: Russian crude trade flow changes between advanced and developing economies
Figure 3: Energy use of fossil-based oil reaches a peak by 2027
Figure 4: Global NCM Uplift ($/bbl) vs. wt% petrochemicals split by region
Figure 5: Carbon mitigation techniques for refiners