European Clean Product Exports (November 27, 2013)
Refinery utilization rates in Europe have been steadily trending lower as crack spreads have declined, challenging owners to turn a profit. European refineries have struggled to remain competitive as high Brent prices have impaired profitability resulting in fewer product exports. There are currently 748,000 bbls/d of refinery capacity that is either for sale or under strategic review (i.e. facing possible closure). Since 2009, approximately 7% of European refineries have closed, and Bloomberg notes that there is still a 15% overcapacity in the market, with additional closures likely.