BP’s refinery in Rotterdam had both of its crude units offline as of Tuesday morning, according to Reuters, citing energy consultancy Wood Mackenzie.
One 200,000 barrels-per-day (bpd) unit was taken offline early Tuesday. The second unit, with the same capacity, was shut down in early May for planned maintenance. This means the full 400,000 bpd refining capacity at the site is now out of operation.
The Rotterdam refinery is one of the largest in Europe. It can process up to 19 million tons of crude per year. The facility produces gasoline, diesel, jet fuel, liquefied petroleum gas (LPG), fuel oil, and petrochemical feedstocks. It supplies fuel to all BP gas stations in the Netherlands and exports to the U.S., Germany, Belgium, Luxembourg, Switzerland, and the UK.
The shutdown reduces European refining capacity at a key moment, as summer driving season begins and fuel demand rises. This could lift margins for other refiners still in operation.
Recent refinery closures and steady global fuel consumption have tightened supply. As a result, refining margins have improved worldwide.
In May, global composite refining margins climbed to $8.37 per barrel. This is the highest level since March 2024, according to Wood Mackenzie data cited by Reuters.
Refiners, including major U.S. players, are seeing stronger profits compared to the first quarter, which was marked by more maintenance activity and weaker margins. While current margins remain below the 2022 highs during the energy crisis, they continue to support stronger performance across the industry.
With demand high and some capacity offline, refiners are likely to see further gains through the second quarter.