End of a golden era for refiners?
Refiners may struggle to keep making the profits of recent years, but there's life in the sector yet
Like upstream, the refining sector has been undergoing consolidation over the past decade. Bigger players are holding on to plum assets and smaller independents have adopted agile business models to eke out profits from what's left. Those who stuck with it when oil prices were over $100 a barrel and margins were correspondingly slim have reaped the benefits since crude prices slid in late 2014. Now they are wondering how long the good times can last. A little longer, at least, seems to be the answer, as high US shale oil production is keeping crude prices in check. But the overall picture is nuanced and complex. Opec's production cuts may not have brought the price impact the group wanted, b
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
