Recent years have seen high volatility in oil product demand, leading to both undersupply and oversupply in rapid succession. Refiners are faced with ongoing uncertainties: as the impacts of the global pandemic ease, new volatility from the response to Russia’s invasion of Ukraine will dominate refinery strategy for the coming years, particularly in Europe. Energy security is now a dominant theme, but decarbonization efforts will be ongoing - how can refiners retain flexibility, guard against volatility while meeting evolving demand requirements?