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This document reviews the current state of the industry and the common practices used throughout the value chain, with particular focus on downstream.

Chapter 1 describes the current practices along the entire value chain, from exploration and appraisal to field development, production and abandonment. Follows the different types of trading and how vast quantities of oil are being transported and stored around the globe, nowadays, concluding with the downstream topic briefly explored.

Chapter 2 focuses on the common refining processes and the complexity of their facilities. It also analyzes the fine balance that refineries aim to achieve between the production of the desired product mix, the access to different types of crude oil and the capital availability. It approaches the objectives and priorities for players in this industry, diving on how refineries may identify growth potential and maintain profitability by protecting margins.