ARA refining margin 2019-2022, by oil type

Bonny Light and Urals oil are the most profitable oil types for refiners in Northern Europe. The Amsterdam-Rotterdam-Antwerp refining margin for the Nigerian and Russian-sourced oil types stayed at a profit even when the coronavirus pandemic severely impacted oil demand. In the first quarter of 2022, the crack for Urals stood at a whopping 21.34 U.S. dollars per barrel, up from 2.83 U.S. dollars the previous year. This spike was due to the Russia-Ukraine war and the EU sanctions imposed on numerous Russian imports. Refiners in the port hubs of Amsterdam, Rotterdam, and Antwerp supply petroleum products such as motor fuels to large neighboring consumer markets in France, the United Kingdom, and Germany.
By comparison, the Singapore refining margin is used as a benchmark for Chinese demand for petroleum products.