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Executive Summary Over the past two years, the combination of the coronavirus pandemic and a pre-existing push for a shift to renewables has drastically changed the refining economic environment. Specifically, from 2019 to 2022 we have seen: Reduction in operable refining capacity (~1,040k bpd or 5.5%) The return of fuels demand to comparable or higher […]

As industry increasingly recognizes the benefits of artificial intelligence (AI), companies are seeking how to best fit AI into their business strategy. AI, however, is relatively young and the extensive benefits it provides demand creative solutions to unique challenges. Successfully implementing AI requires a deliberate and dedicated approach that sometimes differs from implementing more standard […]

The recent COVID-19 outbreak caused a major disruption to peoples’ movements around the world, resulting in a very sharp curtailment of international air travel. Demand for jet fuel, normally a high value refined product and one of the easiest products to sell, was suddenly at record lows with negative crack spreads recorded in all markets. […]

The pitch “So, how does your platform work?,” you ask the artificial intelligence (AI) Industry 4.0 vendor. “Well, our agnostic AI technology feeds on all of your data sources in real time, and generates predictions, warnings, prescriptions, and recommendations that help you optimize your yield and throughput, while minimizing your losses.” He continues with a […]