Crude oil refining capacity has shrunk by a record 3.8 million barrels per day from March 2020 to mid-2022 as demand expanded, setting the stage for fuel markets to remain very tight until at least mid-decade, International Energy Forum and S&P Global research showed.
“This puts pressure on all available refining capacity to run at high utilization levels to keep up with demand.” Record profits for refiners are unlikely to lead to new investment in expanding global refining capacity, however, according to the report, amid “the expectation that the energy transition could make refineries stranded assets has deterred investment”.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: