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Refinery Operations - February 2017

Source: OPEC 3/2/2017, Location: Europe

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Refinery utilisation in the US averaged around 90% in January, corresponding to 16.4 mb/d, around 160 tb/d lower than the previous month and around 300 tb/d higher than the same month a year ago, as the sector was not impacted by weather conditions as it was last year.

After recovery from the impact of the Colonial Pipeline outage in the previous months, US refinery runs have been on the rise, mainly in the USGC, taking advantage of stronger export opportunities and ahead of the spring maintenance season in the region.

European refinery runs averaged around 90% of capacity in January, corresponding to a throughput of 10.6 mb/d, a similar level to the previous month and up by around 300 tb/d from the same month a year ago. Refinery throughputs continued at a high level in Europe to enjoy the healthy margins and catch up with strong winter demand and arbitrage export opportunities. In the Mediterranean area, refinery levels have been impacted by some unplanned outages.

In Asia, refinery utilisation rates were on the rise in 4Q16, taking advantage of the seasonal increase in regional demand amid export opportunities. In India, refinery runs averaged around 5.1 mb/d in December, 200 tb/d higher than in the previous month. Refinery runs in Singapore for December averaged around 89%, similar to the previous month. Meanwhile, Chinese refinery throughputs averaged 10.6 mb/d during January, decreasing by around 660 tb/d versus the previous month, when it hit record-high levels. Export quota issues have been impacting activities in the Chinese refinery sector. In Japan, throughputs averaged 93% of capacity in the first month of the year.

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