Abstract: The highlights presented in the 2010 HART Energy Conference including outlook of global petroleum market, transportation fuel and biofuels market are summarized. It is concluded that the demand for petroleum products is below the production capacity as a result of the exceptional high crude price in 2008 and subsequent recession. However, it is generally believed that the demand for petroleum products in particular transportation fuel will rebound as global economy is recovering and the growth of demand will become evident by 2015. The fuel production capacity will continually increase with the demand from Asia and the Middle East, though eventually, this would lead to overproduction in fuels market. With respect to the trend in the future of product slates, diesel/middle distillates is well regarded as the most important product, while ultra low sulfur gasoline and diesel fuel will become standard. On the other hand, reducing CO2 emission will be the main driving force when developing new fuel requirements and regulations. It is quite certain that the fuels market will be diversified in the future due to limited petroleum resource and need for sustainable growth. Biofuels has great potential to play a more important role in the market. But the development of biofuels still needs to be optimized and will face challenges from some complicated social and economic issues.

Key words: refining, fuel, biofuel, outlook