The rollercoaster ride of 2025In our first episode of the year, we’re joined by Alan Gelder, Senior Vice President of Refining, Chemicals and Oil Markets at Wood Mackenzie. 

Alan provides us with a summary of the key takeaways from the refining and petrochemical industries in 2025, and considers what 2026 may have in store for the downstream sector.

We discuss: 

• Refining margins in 2025, which surprised to the upside. 
• How the petrochemical sector fared in 2025.
• The impact of trade tariffs.
• How recent developments in Venezuela will impact the refining market.
• Alan’s advice for industry participants in the year ahead.

This episode of the Hydrocarbon Engineering Podcast is sponsored by ROCKWOOL Technical Insulation. Designed for durability and sustainability, ROCKWOOL’s high-performance stone wool insulation helps control process temperatures, reduce energy loss, mitigate corrosion under insulation, and enhance fire and acoustic protection. The result – safer operations, improved asset integrity, and long-term performance across critical process industries. Learn more at https://rti.rockwool.com.