Refining and the Domestic Fuels Balance: Paraguana, El Palito and the Last Mile of the Barrel

Refining and the domestic fuels balance. Eight parts on the last mile of the barrel: a 1.3 million barrel per day system running at a third of nameplate, the institutional orphan of the fuels balance, the Iranian and Chinese maintenance cliff, the import bill that sits structurally senior to debt service, and a three-tier restoration map from patch-and-run to full modernisation.