What Is Downstream?

What is Downstream?
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Downstream includes the refining of crude oil into consumable products and the marketing of these products to commercial or retail customers. Key downstream business sectors include oil refining, supply and trading, and product marketing and retail.
The downstream industry provides thousands of products to end-user customers around the globe. Many familiar products include gasoline, diesel, jet fuel, heating oil, and asphalt for roads.
Natural gas liquids and naphtha created from crude oil during refining are used as the raw material or feedstock to a petrochemical plant. Here they are transformed into various industrial and consumer goods such as lubricants, synthetic rubber, plastics, fertilizers, and pesticides.
Downstream is a complex, global business where profit is made from the margin between crude oil and refined products. Margin is defined as the difference between the price realized for the products produced and the cost of the crude delivered to the refinery. Margins tend to be reduced, or squeezed, when crude prices increase often and cannot be recovered in the marketplace. On the other hand, margins tend to hold, or even increase, when crude prices drop and the marketplace more slowly adjusts to these lower prices.
Downstream requires a global perspective because of the international nature of the energy supply chain as well as the impact supply and demand has on both feedstock and product prices.
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