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 U.S. dollars per barrel, up from **** 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.
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S&P Global Platts. (April 28, 2022). Quarterly average Amsterdam-Rotterdam-Antwerp refining margin from Q2 2019 to Q1 2022 (in U.S. dollars per barrel) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 17, 2026, from /statistics/1189456/ara-refining-margin-by-oil-type/
S&P Global Platts. "Quarterly average Amsterdam-Rotterdam-Antwerp refining margin from Q2 2019 to Q1 2022 (in U.S. dollars per barrel)." Chart. April 28, 2022. ÌÇÐÄÆƽâ°æ. Accessed July 17, 2026. /statistics/1189456/ara-refining-margin-by-oil-type/
S&P Global Platts. (2022). Quarterly average Amsterdam-Rotterdam-Antwerp refining margin from Q2 2019 to Q1 2022 (in U.S. dollars per barrel). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 17, 2026. /statistics/1189456/ara-refining-margin-by-oil-type/
S&P Global Platts. "Quarterly Average Amsterdam-rotterdam-antwerp Refining Margin from Q2 2019 to Q1 2022 (in U.S. Dollars per Barrel)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 28 Apr 2022, /statistics/1189456/ara-refining-margin-by-oil-type/
S&P Global Platts, Quarterly average Amsterdam-Rotterdam-Antwerp refining margin from Q2 2019 to Q1 2022 (in U.S. dollars per barrel) ÌÇÐÄÆƽâ°æ, /statistics/1189456/ara-refining-margin-by-oil-type/ (last visited July 17, 2026)
Quarterly average Amsterdam-Rotterdam-Antwerp refining margin from Q2 2019 to Q1 2022 (in U.S. dollars per barrel) [Graph], S&P Global Platts, April 28, 2022. [Online]. Available: /statistics/1189456/ara-refining-margin-by-oil-type/
