Growing supplies by non-OPEC countries has introduced some calm for crude oil prices. However, other factors are influencing profitability and margins. In the US, the abundance of shale oil and the 40..
Growing supplies by non-OPEC countries has introduced some calm for crude oil prices. However, other factors are influencing profitability and margins. In the US, the abundance of shale oil and the 40-year ban on exporting crude oil has created unusual conditions. Now, North American refineries have an advantage as compared to European refiners. According to a new US Energy Information Administration report, companies with refineries primarily located in North America are reaping $6/bbl in profits as compared to those operators with assets in Europe.
As illustrated in Fig. 1, the shift in earnings potential began in 2010. That is the same time in which significant supplies of shale oil bega
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