BAKU, Azerbaijan, March 28. European oil refinery runs are expected to stand at 11.5 mb/d in 2024, Trend reports.
According to the outlook from the International Energy Agency (IEA), this is 200,000 b/d higher than last month's forecast.
Meanwhile, refinery throughputs in OECD Europe for January mostly reverted to the lower levels seen in December, decreasing by 330,000 b/d compared to the previous month, reaching 11.5 mb/d. I
This increase is due to fewer maintenance activities and continued strong demand for diesel in European markets, the IEA explained.
Furthermore, December runs were adjusted upwards by 200,000 b/d, reaching a seasonal peak of 11.8 mb/d, almost the same as the previous year's level. Currently, March is anticipated to be the lowest point of the season for European runs, with an estimated 11.1 mb/d, the agency added.
Overall, IEA revised estimates show that OECD refinery crude throughputs for 2024 have increased to 36 mb/d this month, mainly due to higher runs in the Atlantic Basin. Despite these positive changes to the agency's forecasts, refinery activity will still face pressure due to closures in the US and Japan this year. However, the IEA anticipates that good profit margins and reduced runs in China will allow for additional product supply in OECD countries.