Counting barrels of crude

02/06/2012
Industry analysts lately have been counting barrels—barrels of refining capacity lost as plants shut down on both sides of the Atlantic; barrels of crude flowing into the US Midwest and their impact on prices for West Texas Intermediate; and barrels of supply that may be lost if the European Union activates its proposed embargo on Iran in 6 months or if Iran beats them to the punch by stopping shipments. "The key question in all three cases is whether the changes are large enough to change our previous main medium-term conclusions; i.e. that refining margins will be under pressure through to the middle of decade, that sanctions have tended to just change trade flows and not affect re...
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