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Crude Oil-to-Chemicals: Future of Refinery

January 15, 2020

Crude oil is a primary source of energy, and oil refining is a key aspect of the global energy system. Transportation fuel (e.g., gasoline, diesel, and fuel oil) accounts for approximately 50% share of the products produced from refineries. Therefore, refinery margins that depend on the difference between the prices of crude oil and oil products are tied to the demand for transportation fuels. Refineries have experienced fluctuations in their margins over the last few years. Presently, refineries are facing an array of new challenges, some of which are elucidated below: