中国成品油月度报告：海外炼油利润波动剧烈；2026 年超大型油轮-运价存不确定性-China Oil Product Monthly_ Highly volatile overseas refining margins; uncertainty about 2026E VLCC rates

ab Global Research owered by UBS Evidence Lab YES P 3 December 2025 China Oil Product Monthly Highly volatile overseas refining margins; uncertainty about 2026E VLCC rates Overseas refining margins sharply fluctuated amid geopolitical situation Overseas refining margins notably expanded in November. The UBS European Composite Refining Margin rose from cUS$14/bbl in late October to cUS$20/bbl, chiefly driven by drone attacks on Russian refining facilities, outages at some refineries, and US sanctions on Rosn ...