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Refining: March Margins Wobble While Throughput Drops

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Refinery
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Crude oil processing volumes in March were just shy of 82 million barrels per day, down 800,000 barrels per day from February, mainly due to refining maintenance in non-OECD countries, preliminary data shows. During the first quarter of 2025, runs were 82.5 million b/d, a gain of 220,000 b/d compared to January-March a year ago — the refinery contribution to a 670,000 b/d increase in global demand over the same period, with much of the rest met by NGLs. The quarterly utilization rate was estimated at 79%, or roughly the same level as the previous five quarters. For the year, ʶԳ is forecasting runs of 82.5 million b/d, a 300,000 b/d increase on 2024.

Topics:
Refining, Oil Products, Crude Oil
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