BAKU, Azerbaijan, August 16. Crude oil processing in OECD Europe rose more than expected in June, with refinery runs increasing by 360,000 barrels per day (b/d) month-on-month to 11.2 million b/d, the International Energy Agency (IEA) said in its latest outlook, Trend reports.
The UK and Türkiye accounted for most of the upside, while France, Germany, and Greece lagged behind forecasts.
Despite the uptick, Europe’s refining outlook remains subdued. UK runs held steady year-on-year at 1 million b/d, even after the closure of the Grangemouth refinery earlier this year. Prospects worsened further in July with the shutdown of Prax Group’s Lindsey refinery following insolvency.
By contrast, Greece is set for higher throughputs as the Corinth refinery restores a fire-damaged crude unit, while stronger margins for sweet crude in July also supported operations heading into peak summer demand.
Looking ahead, European crude runs are still expected to fall by around 100,000 b/d in 2025 as refinery closures weigh on capacity.
