Black Diamonds are Refineries still operating. Grey Diamonds are Refineries currently shutdown or announced shutdown / conversion.

There are still close to 90 crude oil refineries in Europe, with a total distillation capacity of over 15,000 kbd. Most are small (avg. 200kbd), quite old and with a relatively simple set-up. Having difficulty competing with the new plants in the East and Russia and, with current operating margins at historic lows, the industry is struggling. The future does not look any better with further demand erosion brought by electrification and costly investments required to abate emissions. An increasing number of operators are choosing to shut down and convert their plants to storage terminals or to bio-fuels processing.

Up to 30% of Europe crude oil refineries may close, causing major shifts in trading patterns, is there in enough capacity in the supply chain to accommodate this change? What about bitumen supply in the region?

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