Emerging Turkey: Rising Oil Demand Fuels European Refineries

Turkey and its emerging market counterparts are keeping refineries open across the Mediterranean's developed nations according to the International Energy Agency's monthly oil report. The report says that growing demand from Turkey and North African nations is directly responsible for refineries in Italy and Spain's ability to stay in business.

The picture for Mediterranean refineries is bright by contrast with those in the north, where overcapacity and a lack of investment has led to a slide in margins and plant closures, the report said.

“In the last three years, major European refiners in the Mediterranean basin, particularly in Spain and Greece, have seen a surprising revival in refining throughputs, bucking the trend in domestic oil demand,” the IEA report said.

Turkey’s imports of gasoil have grown by around 16 percent from 2010 to the first quarter of 2013, or by 40,000 barrels per day to 200,000 bpd, most of that growth supplied by Greek refineries, the report said.

The IEA also cited crucial investments made into Spanish refineries as being responsible for the growth, increasing their ability to compete with refineries in north-western Europe, which, it said are often relatively simple and inefficient.

Emerging economies will be the main force in the global oil market next year, driving demand to a record high level, International Energy Agency (IEA) data showed yesterday.

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