Published on Tuesday, January 5 2021
Authors: Jonathan Leitch

We entered 2020 with the expectation of higher refining margins, driven by a continuation of strong global economic activity supplemented by an expected IMO boost to product margins and widening of heavy crude discounts. Instead, the COVID-19 pandemic quickly dashed those expectations, with the unprecedented drop in petroleum demand from…

Published on Tuesday, December 15 2020
Authors: John Mayes and John Auers

In the last ten years, refining capacity in Latin America has declined by over 230 MBPD in spite of growing demand, which has increased by about 120 MBPD.  Further exacerbating this growing imbalance is a sharp decline in the refinery utilization rates of the existing refineries in the region.  In…

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