2019年，全球炼油业逐步进入本轮景气周期的尾声，亚太地区大量新增炼力投产令油品供应过剩压力日渐凸显，石油需求疲弱和原油贴水及运费成本提高进一步侵蚀炼油企业加工收益。除美湾地区得益于廉价的页岩油资源，继续保持较高的炼油利润以外，鹿特丹和新加坡地区的加工收益都出现较大幅度下降，并一度跌至负值，新加坡年均加工收益创近十年来最低水平。2020年全球仍将有大量新增炼力投产，在成品油供应过剩和新冠肺炎疫情暴发严重影响全球经济和石油需求的背景下，炼油毛利将受到较大抑制并步入下行周期。
In 2019，the global oil refining industry has gradually entered the end of the round of booming cycles. A large number of new refining capacities put in the Asia-Pacific region put pressure on oil product supplies. Weak oil demand，high crude oil discounts and high freight costs have further eroded refining margin. Both Rotterdam and Singapore saw significant declines in refining margin and once fell to negative values. Singapore’s annual refining margin reached nearly the lowest level in ten years. Only US Gulf benefited from cheap shale oil resources and continued to maintain high refining profits. It is expected that，in 2020，there will still be a huge number of new capacities put online. Refining margin will be greatly restrained by oversupplied and the outbreak of the COVID-19 and recession in oil demand.
