European oil refiners are enjoying healthy profits in the fourth quarter compared with other regions due to unplanned maintenance in the Atlantic basin that has eroded inventories, offsetting typically weaker year-end demand.

Refining was a lifeline for energy companies when oil prices started falling sharply in the second-half of 2014. Cheap crude spurred record demand growth for motor fuels, which refineries worldwide scrambled to produce.

                                While global refining margins this year have tightened from 2015, Europe's fourth-quarter margins have held strong, a boost to earnings for energy majors Total, BP and Royal Dutch Shell as the oil price languishes at less than half those of 2014 peaks.

                            Independent refiners such as Italy's Saras and Finland's Neste will also benefit."Margins were supported by turnarounds worldwide but the sizeable drop in Latin American refinery runs this year was probably the decisive factor," Robert Campbell, head of oil products research at Energy Aspects, said.

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