He's the sick child of the oil industry.
Refining timidly raises its head after a catastrophic 2020.
But, when the so-called “upstream” activity of large oil companies, that is to say exploration-production, regains color thanks to the rise in the price of a barrel, refiners are struggling to catch their breath afterwards. a terrible year 2020.
“The crisis caused by the Covid-19 was exceptional in its scope and duration
, testifies an industrialist.
We have already suffered in the past from very bad or even negative margins, but over shorter periods.
Never, before 2020, has this been spread over more than a year. "
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Demand fell sharply by 25% in the spring of last year, from 100 million barrels per day to 75 million.
It then recovered slowly, but never regained its pre-crisis levels.
However, in this industry where there is strong competition, the margins are very narrow.
It is enough then that the volumes flex
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