Despite an increase in refinery capacities and an expected global reduction in oil product deficit in the Mediterranean at horizon 2015, the future of the region appears troubled. With little time on their hands to adjust and upgrade their refineries, Mediterranean countries will need to face the growing demand for desulphurised diesel, while their current main provider, Russia, is looking less likely to supply the required quantities and quality over the coming years. The increasing surpluses of gasoline of the region seem to be likely to exceed the needs of its main importers, the USA and European Union, and could possibly lead to future predicaments for the industry, the region and its populations. Moreover, current and foreseen environmental measures are likely to reinforce the imbalance of the region. Copyright 2008 The Author. Journal compilation 2008 Organization of the Petroleum Exporting Countries.
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Article provided by Organization of the Petroleum Exporting Countries in its journal OPEC Energy Review.