Refined Products
Refined Products Recruitment & Executive Search
Specialist retained search across global crude oil trading, refining and physical energy markets.
Refined products is a broad label for markets that can behave very differently from one another.
Someone trading gasoline in the Atlantic Basin may have little crossover with a jet fuel trader supplying airports, a naphtha specialist selling into petrochemicals or somebody focused on diesel and gasoil into emerging markets.
Even within the same trading house, those can be separate desks with different counterparties, freight routes and pricing exposure.
Imperium works across international commodity markets on a retained basis, with searches spanning refined products trading, distillates, gasoline, diesel, gasoil, jet fuel, kerosene, naphtha, fuel oil, blending, supply, shipping, operations and commercial leadership.
Our work can involve oil majors, refiners, trading houses, physical suppliers, distributors, storage businesses and downstream energy companies.
For each mandate, we start with the product behind the title.
Is it a light-end or middle-distillate market? Physical oil barrels or derivatives? Refinery supply or third-party trading? Which grades, specifications and regions matter? Does the person need blending knowledge, storage access, freight experience or an established customer book?
“Refined Products Trader” can describe a lot of very different careers.
The useful question is what they actually trade.
Understanding the Refined Products Market
One refinery can produce many products. Each one develops its own market.
Crude oil becomes much more specialised once it reaches the refinery.
Different processes produce products for road transport, aviation, petrochemicals, marine fuel, industry and construction. Each has its own specifications, pricing relationships, seasonal demand and regional trade flows.
That is why refined products experience does not transfer neatly from one desk to another.
Gasoline & Blending Components
Gasoline trading can involve finished grades as well as the components used to create them.
Octane, vapour pressure, biofuel content and regional specifications all matter, which makes blending economics, storage, freight and specification management an important part of the physical market.
Experience can sit around refinery production, merchant trading, wholesale supply or exports between major regional markets.
Diesel, Gasoil & Middle Distillates
Diesel and gasoil sit within the wider middle-distillates market and are among the most internationally traded refined products.
Demand comes from road transport, industry, agriculture and power generation, while trading can involve different sulphur specifications, regional grades and delivery structures.
Physical experience often develops around refinery supply, cargo trading, storage, blending and distribution.
Jet Fuel & Kerosene
Aviation fuels bring another set of customers and specifications into the refined-products market.
Jet fuel trading can involve refiners, airlines, airports, physical suppliers and storage operators, with quality control and reliable delivery particularly important.
Relevant experience may span jet fuel, kerosene, airport supply, aviation fuel marketing and international cargo trading.
Naphtha & Light Ends
Naphtha sits between the refining and petrochemical markets.
Depending on grade and region, it can move into steam crackers, gasoline blending and other industrial uses, creating a talent pool that often overlaps with both refined-products and petrochemical trading.
Commercial relationships can therefore look very different from those in road fuels.
Fuel Oil & Residual Products
Fuel oil and other heavier refinery products have their own trading routes, specifications and end users.
The market can involve industrial fuel, power generation, refinery feedstocks and marine applications, with blending and sulphur content playing a major role.
There is some natural overlap with bunkers, but the wider fuel-oil market is broader than marine supply alone.
Bitumen, Asphalt & Specialist Products
Not every refined product is bought for combustion.
Bitumen and asphalt feed roadbuilding and infrastructure markets, while other specialist refinery products can move into industrial applications.
The commercial model can be much more regional and distribution-led than the international cargo markets associated with gasoline or distillates.
The Product Changes the Market
A trader can spend twenty years in refined products and still build most of their expertise around one narrow part of it.
Gasoline, diesel, jet fuel, naphtha and fuel oil may all come from a refinery.
They do not necessarily share the same customers, pricing dynamics or talent market.
The Global Refined Products Market
More than 100 million barrels a day of refining capacity sits behind the fuels and feedstocks traded around the world.
Refined products begin with crude oil, but where crude is produced and where it is refined are two different maps.
China and the United States have the world’s two largest refining systems. India, South Korea, Saudi Arabia and other major centres also process huge volumes, while hubs such as Singapore and the Netherlands play an outsized role in international product trading.
That geography helps shape where gasoline, diesel, gasoil, jet fuel, naphtha and fuel oil are produced, consumed and exported.
Which Countries Have the Most Refining Capacity?
2025 Oil Refining Capacity
| Rank | Country | Million barrels/day |
|---|---|---|
| 1 | China | 18.83 |
| 2 | United States | 18.17 |
| 3 | Russia | 6.72 |
| 4 | India | 4.92 |
| 5 | South Korea | 3.57 |
| 6 | Saudi Arabia | 3.29 |
| 7 | Japan | 3.11 |
| 8 | Iran | 2.46 |
| 9 | Brazil | 2.30 |
| 10 | Germany | 1.95 |
Source: Energy Institute, Statistical Review of World Energy 2026. Figures represent atmospheric distillation capacity at year-end 2025 on a calendar-day basis and are rounded.
Refining Capacity Does Not Tell the Whole Story
A large refining system does not automatically make a country an equally large exporter.
The United States processed more crude than China in 2025 despite China having slightly more installed capacity. Meanwhile, export-oriented refining centres in the Middle East and Asia can have an influence on international product markets far beyond their domestic consumption.
The product slate matters too.
A refinery configured to maximise gasoline behaves differently from one geared towards middle distillates or petrochemical feedstocks. Seasonal demand, refinery maintenance, freight, blending economics and regional specifications can all change where individual products need to move.
The demand picture is changing as well. In 2025, gasoline and diesel demand were broadly flat globally, while aviation fuel continued to grow. Looking further ahead, the IEA expects refined-product demand to peak at around 86.3 million barrels per day in 2027, with declining gasoline and diesel demand increasingly offsetting growth in jet fuel and naphtha.
At the same time, new refinery capacity continues to move east. The IEA expects Asia and the Middle East to account for much of the capacity growth through 2030, while higher-cost capacity in Europe and parts of the United States comes under increasing pressure.
The refinery makes the products. Supply, demand and geography decide where they trade.
103.8 million barrels/day
Global refining capacity
Worldwide refining capacity stood at approximately 103.8 million barrels per day at the end of 2025.
18.8 million barrels/day
China’s refining capacity
China now has the world’s largest refining system by installed capacity, accounting for just over 18% of the global total.
The United States remains very close behind at around 18.2 million barrels per day.
83.1 million barrels/day
Global refinery throughput in 2025
Refineries globally processed roughly 83.1 million barrels per day during 2025.
Capacity tells us how much the system can process. Throughput tells us how much crude and feedstock actually moved through it.
7.7 million barrels/day
Global jet and kerosene demand in 2025
Jet fuel was one of the strongest parts of the refined-products market in 2025. The IEA estimated global jet/kerosene demand at around 7.7 million barrels per day, up roughly 2.1% year on year.
Even as the energy mix changes, the world is still refining more oil. The products may evolve, but refining is not disappearing anytime soon.
Major Refined Products Companies & Market Participants
Refining, trading and physical supply often sit inside very different businesses.
Some companies manufacture huge volumes of gasoline, diesel, jet fuel and other products through large refinery systems.
Others make their mark by moving those products between regions, blending different grades, using storage and logistics assets, and connecting refiners with end users.
That creates very different commercial environments and, in turn, very different talent pools.
Refiners & Integrated Energy Companies
Valero
One of the world’s largest independent refiners, with 14 petroleum refineries and around 3 million barrels per day of throughput capacity. Its refining system produces transportation fuels and petrochemical products, supported by pipelines, storage and wholesale marketing operations.
Marathon Petroleum
A major North American refining and marketing business with approximately 3 million barrels per day of crude refining capacity. In 2025 it reported around 3.7 million barrels per day of refined-product sales, supported by extensive pipeline, terminal, marine and retail infrastructure.
Shell
An integrated energy major with refining, trading and supply operations across global oil-product markets. Shell’s refining business sits alongside a wider commercial platform spanning physical supply, shipping, storage and international trading, with gasoline and middle-distillate margins remaining important parts of its downstream business.
bp
bp combines refining with a large global Supply, Trading & Shipping operation. Its downstream business links refineries, logistics, physical supply and product trading, creating exposure across fuels, aviation, wholesale markets and other refined products.
Trading Houses & Physical Suppliers
Vitol
One of the largest independent energy traders in the world. In 2025 Vitol delivered around 8 million barrels per day of crude oil and products and had approximately 1.2 million barrels per day of refining capacity, giving it exposure across both production and physical product trading.
Trafigura
A major international trader across crude and petroleum products. In FY2025 its product portfolio included approximately 49.2 million tonnes of middle distillates, 26.2 million tonnes of gasoline, 31.9 million tonnes of fuel oil and 16.5 million tonnes of naphtha.
Gunvor
An established physical energy trader with significant activity across gasoil, gasoline, fuel oil and naphtha as well as crude, LNG and LPG. Its latest disclosed product mix shows refined fuels making up a substantial part of its overall trading portfolio.
Mercuria
A global energy and commodities group active across crude oil, refined fuels, biofuels and petrochemicals, supported by storage, blending, logistics and risk-management capability. Its refined-products business spans both physical and financial markets.
Source: Company annual reports, results statements and official corporate materials from Valero, Marathon Petroleum, Shell, bp, Vitol, Trafigura, Gunvor and Mercuria. Figures reflect the latest 2025–2026 information available.
Market context: Companies are included as examples of significant participants in global refined-products markets. Inclusion does not imply a commercial relationship with or endorsement of Imperium Commodity Search.
The Product Desk Matters as Much as the Company
Two people can work for the same global trading house and still build completely different careers.
One may spend years trading gasoline. Another may know middle distillates. Someone else may sit in naphtha, fuel oil or refinery supply.
The company name gives us context.
The product tells us where the real experience sits.
One barrel enters the refinery. Many markets come out.
Refined Products Talent Across Global Trading Hubs
The same fuel can trade very differently depending on the region, specification and route to market.
Refined-products careers often develop around a combination of product and geography.
A gasoline trader in Houston may spend years focused on US Gulf Coast supply and Atlantic Basin exports. Someone in Singapore might sit much closer to Asian diesel, jet fuel, naphtha and fuel-oil flows. In Europe, the ARA market, Mediterranean refining system and regional specifications create another set of relationships again.
That is why location alone rarely tells the whole story.
Asia & the Middle East
Singapore, Fujairah, Dubai and major Asian refining centres
Asia is one of the biggest centres of refined-product demand and international trade.
Singapore remains a major hub for gasoline, gasoil, jet fuel, naphtha and fuel oil, while the Middle East combines large refining systems with growing export volumes and physical supply activity.
Relevant talent can sit across trading houses, refiners, majors, national oil companies, storage businesses and physical suppliers.
Europe & the Mediterranean
ARA, London, Geneva and Mediterranean refining markets
Northwest Europe remains a major centre for physical refined-products trading.
The Amsterdam-Rotterdam-Antwerp market, together with London, Geneva and Mediterranean hubs, supports deep talent pools across gasoline, middle distillates, jet fuel, naphtha, fuel oil, blending, storage and derivatives.
Regional specifications and cross-border flows mean experience can become very product-specific.
The Americas
Houston, US Gulf Coast, New York and major Latin American markets
The Americas combine some of the world’s largest refining systems with major import and export flows.
The US Gulf Coast is particularly important for gasoline, diesel, jet fuel, blending components and international product exports, while Latin American markets create strong demand for imported fuels and regional supply expertise.
Relevant experience can span refinery supply, physical trading, wholesale markets, storage, distribution and export logistics.
Product Knowledge Travels. Relationships Are Usually Built Region by Region.
A trader may understand gasoline extremely well and still have most of their commercial network concentrated in one basin.
The same is true for diesel, jet fuel, naphtha or fuel oil.
For a retained search, the strongest fit usually comes from matching both the product and the market where that experience was built.
Who We Search for in Refined Products
A broad product title can hide a very specific trading background.
Refined-products searches can span physical trading, refinery supply, wholesale markets, blending, derivatives, logistics and senior commercial leadership.
The job title is useful. The product behind it matters more.
A gasoline trader, jet-fuel supplier and naphtha specialist may all work in refined products, but they can have completely different customer books, pricing exposure and market knowledge.
Gasoline & Light Ends Trading
Gasoline roles can involve finished grades, blending components and regional specification differences.
Relevant experience may sit around Atlantic Basin trading, refinery supply, blending economics, exports, storage and wholesale markets.
Typical searches include:
Gasoline Trader · Light Ends Trader · Mogas Trader · Blending Trader · Gasoline Marketer · Product Trader · Trading Manager
Distillates, Diesel & Gasoil
Middle-distillates trading covers some of the largest international refined-product flows.
The strongest people may know diesel, gasoil, heating oil, regional specifications, cargo trading, storage and physical supply in considerable detail.
Typical searches include:
Distillates Trader · Diesel Trader · Gasoil Trader · Middle Distillates Trader · Physical Products Trader · Supply Trader · Operations
Jet Fuel & Aviation Supply
Jet fuel combines commodity trading with a highly operational end market.
Searches can involve physical jet trading, aviation fuel marketing, airport supply, into-plane operations, airline relationships and international cargo flows.
Typical searches include:
Jet Fuel Trader · Aviation Fuel Trader · Aviation Sales · Airport Supply · Jet Fuel Marketer · Aviation Commercial Manager
Naphtha, Fuel Oil & Specialist Products
Not every refined-products role sits in road fuels.
Naphtha, fuel oil, bitumen and other specialist products have their own pricing, customers and regional trade flows.
Typical searches include:
Naphtha Trader · Fuel Oil Trader · Residuals Trader · Bitumen Trader · Asphalt Trader · Specialist Products Trader · Product Marketer
Supply, Operations & Logistics
Physical product trading depends on the people who make the movement work.
That can include scheduling, nominations, inventory, blending, terminals, shipping, demurrage and trade operations across cargo and wholesale markets.
Typical searches include:
Products Operator · Oil Scheduler · Supply Coordinator · Terminal Operations · Trade Operations · Logistics Manager · Shipping Manager · Inventory Manager
Derivatives, Commercial & Leadership
Senior or specialist mandates may sit across both the physical and financial side of the market.
That can mean managing price exposure, running a products desk or taking responsibility for a broader regional supply and trading business.
Typical searches include:
Oil Derivatives Trader · Products Broker · Risk Manager · Head of Products · Head of Distillates · Trading Director · Commercial Director · Managing Director · COO · CFO
Same Refinery. Different Talent Markets.
Gasoline, diesel, jet fuel, naphtha and fuel oil can all come from the same refinery.
The people trading them may still have built very different careers.
For a search, the product is usually where the useful detail starts.
A Selective Approach to Refined Products Search
Knowing oil is not the same as knowing the product market behind the role.
A refined-products mandate can narrow very quickly.
A business may need somebody with an established gasoline book, deep middle-distillates experience, jet-fuel customers, naphtha relationships or knowledge of a particular regional supply system.
The job title alone rarely gives us enough.
Imperium works on a retained basis and deliberately limits the number of clients we represent within any one specialist market at a time.
That allows us to map the relevant refiners, trading houses, suppliers and downstream businesses properly, then approach the people whose product experience and relationships genuinely fit the requirement.
We are not trying to produce the longest list of people who have worked in oil.
We are trying to find the people who know the product, the counterparties and the market behind the role.
For Clients
Looking for a specialist or senior hire across gasoline, distillates, diesel, gasoil, jet fuel, naphtha, fuel oil, supply, trading, derivatives or commercial leadership?
We can structure the search around the product, geography and experience that actually matter.
For Professionals
We do not carry a high volume of vacancies within any one commodity market. But if your background is in physical products trading, distillates, gasoline, aviation fuel, naphtha, fuel oil, refinery supply, operations, derivatives or commercial leadership, we are happy to have a confidential conversation where your experience may be relevant to current or future retained work.
Explore Related Markets
Crude Oil · Bunkers & Marine Fuels · Natural Gas · LNG · NGL & LPG · Petrochemicals
