When it comes to oils and chemicals, 2023 turned out broadly as we expected. Economic uncertainty set the tone for the oil markets. China’s demand recovery was sluggish, leading to oversupplied downstream markets. Petrochemical producer margins remained under pressure throughout the year, with asset rationalisation a common theme across base chemicals. Both oil prices and refining margins were lower at the end of 2023 than 2022, refining margins markedly so. These values mask another volatile year in which the global crude oil and refined market proved its resilience amid significant geopolitical challenges. But ... (full story)