2019年世界炼油业发展现状与展望

Abstract:In 2019，the global oil refining industry has gradually entered the end of the round of booming cycles. A large number of new refining capacities put in the Asia-Pacific region put pressure on oil product supplies. Weak oil demand，high crude oil discounts and high freight costs have further eroded refining margin. Both Rotterdam and Singapore saw significant declines in refining margin and once fell to negative values. Singapore’s annual refining margin reached nearly the lowest level in ten years. Only US Gulf benefited from cheap shale oil resources and continued to maintain high refining profits. It is expected that，in 2020，there will still be a huge number of new capacities put online. Refining margin will be greatly restrained by oversupplied and the outbreak of the COVID-19 and recession in oil demand.

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