April 12, 2026 — European Refiners Boost Margins With Russian Crude Alternatives.
European Refining Pivot
European refiners have successfully adapted to the loss of Russian crude supply, finding alternative sources from the Middle East, West Africa, and the Americas. Refining margins have strengthened as the complex processing configurations of European facilities allow them to handle a wider variety of crude grades. The shift has added approximately $0.50/barrel to delivered crude costs but has been more than offset by strong product margins.