Friday, February 6, 2015
Outlook for the oil refining sector.
The crude-led oil price drop has provided a huge, albeit temporary, boost to refining sector margins. Royal Dutch Shell, the first major oil company to announce its fourth-quarter 2014 earnings, saw downstream earnings jump to 1.55 billion dollars from 558 million dollars one year earlier. However, the refining sector remains plagued by overcapacity, likely to result in additional closures, especially in Europe.