The European refining markets are facing key challenges in the upcoming years due to fundamental changes in the oil sector that are redefining the worldwide refining industry model. Oil Production-Consumption Map is changing around the world, where emerging countries are becoming key consumers, new producers will potentially appear due to technical advances in E&P and traditional consumer countries are becoming not only producers but also net exporters (as it is the case in the US). Finally, new refining exporting hubs are appearing in India, China, the Middle East, and other emerging economies, while in the OCDE the refining capacity has been decreasing as a result of the closings. And, also, the so called "shale revolution" in the US means cheaper oil available for US refiners which will result in wider margins. In sum, the implications of these fundamental changes in the next decades will profoundly restructure the oil sector map and European refiners will need to address this new scenario. Furthermore, the repercussions on the European Security of Supply position need to be analyzed, together with potential implications in sustainability and regulation. The workshop focused on identifying and analyzing the impact of these fundamental changes on the European market, not only from the industry point of view but also from a government and regulatory perspective. Furthermore, the workshop will highlighted how the European refining companies are adapting their strategy to this new model. The program was organised in 3 Round Tables (RT): RT 1 "Structural changes in the international refining industry and its impact on markets", will gather worldwide refining experts to give their views and opinions on the present and future of refining; secondly, RT2 "Competitiveness, Security of Supply and Sustainability", will highlight the regulatory and security of supply side of the subject; finally, RT 3 "Strategic Implications for the European refining industry in the new scenario", will focus on the strategy of European refiners in this new context. Along with the RTs, the program included a presentation of the 21º World Petroleum Congress, taking place in Moscow in June 2014, probably the most important global Oil and Gas International Event which is held every three years. This workshop, organised by the Spanish National Committee of the World Petroleum Council, has been attended by top level executives of the worldwide refining industry and by representatives of relevant international institutions who, along with the audience, were discussing and sharing their points of view of this very topical matter.
Key topics include:
STRUCTURAL CHANGES IN THE INTERNATIONAL REFINING INDUSTRY AND ITS IMPACT ON MARKETS
COMPETITIVENESS, SECURITY OF SUPPLY AND SUSTAINABILITY
STRATEGIC IMPLICATIONS FOR THE EUROPEAN REFINING INDUSTRY IN THE NEW SCENARIO