Toril Bosoni (IEA) - Clingendael
Toril Bosoni (IEA) - Clingendael
Toril Bosoni (IEA) - Clingendael
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© OECD/<strong>IEA</strong> 2012<br />
Consequences of Refinery Rationalisation on<br />
Stock Holding<br />
Industry Stock Levels<br />
• Refinery shutdowns reduce level of commercially held<br />
stocks<br />
– Crude oil and unfinished product stocks will be reduced in<br />
proportion to refinery closures<br />
– Reduction of finished product stocks is minimal<br />
• However, location of refinery plays a very important role<br />
Composition<br />
• Share of commercial crude oil stocks down and share of<br />
commercial product stocks up<br />
– The higher the share of crude before refinery closure, the<br />
larger the shift in composition<br />
– If lowered input fuel stocks are compensated by higher<br />
stocks of finished products, the shift is even larger
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