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A global deal to cut oil production has had the unintended consequence of aiding Europe's older refineries by bolstering supplies of light crude while curbing shipments of the heavier grades favoured by more advanced plants in other continents. 

These European units, long thought doomed by competition from state-of-the-art refineries in the Middle East, Asia and the United States, are in the right place at the right time - enjoying good demand and oil availability that is, for them, growing. European refiners are well positioned versus the OPEC cuts," said David Wech, managing director of consultancy JBC Energy.

 "The supply that is taken out of the market hits primarily the Asian market." A deal between the Organization of the Petroleum Exporting Countries and non-member producers to cut output by 1.8 million barrels per day (bpd) has held oil prices roughly 20 percent above the low just before they sealed the pact late last year.