The impact of refining sector changes on patterns of oil product trading
The global oil market is undergoing a profound transformation, the depth of which is inadequately captured by the popular cliché ‘the new oil map’. For the changes underway in the market go beyond a mere geographical reallocation of supply and demand or even refining capacity. The supply chain itsel...
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| Format: | Journal article |
| Language: | English |
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Oxford Institute for Energy Studies
2013
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| Summary: | The global oil market is undergoing a profound transformation, the depth of which is inadequately captured by the popular cliché ‘the new oil map’. For the changes underway in the market go beyond a mere geographical reallocation of supply and demand or even refining capacity. The supply chain itself – the way oil is being delivered from the wellhead to end-users – is transforming. The old system, in which crude trading was largely global but refining and distribution were mostly local, is being turned on its head. Product trading is globalising and the product supply chain is getting both longer and more fragmented, an evolution which carries significant implications for supply security and prices. |
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