«Problems of economics and management of oil and gas complex»

Some specific features of the dynamics of spare capacities in the world oil refining industry

UDC: 339.94
DOI: -

Authors:

¹ National University of Oil and Gas "Gubkin University", Moscow, Russia
² KNGK-Group, Moscow, Russia

Keywords: oil demand, spare capacities, competitiveness, GDP, refining margin, oil refining industry

Annotation:

The analysis of the dynamics of global refining capacities, oil demand and the share of spare capacities in the global refining industry during the period of 1965–2021 allows revealing several important patterns that can serve the basis for assessing the prospects for oil refining industry development. The author of the article suggests using the dynamics of spare capacities as an indicator for the balance between demand for petroleum products and investments in refining facilities. It is demonstrated that spare capacity dynamics is an indirect indicator of investment expectations in the refining sector. Additionally, the author of the article, taking the North American market as an example, revealed a correlation between oil refinery margins and idle capacity levels. This newly discovered relationship may be a crucial factor in developing new models for categorizing the state of the oil market. The study of the regional characteristics of the global oil refining development identifies the individual competitive advantages of regional systems, which have formed the basis for the current distribution of productive forces in the global oil refining industry.

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