Western oil refinery closures set to continue despite war shock – Financial Times
North America and Europe to lose further capacity to turn oil into petrol, diesel and jet fuel because of investor wariness.
European oil refinery capacity is set to shrink by a fifth over the next decade even as the continent’s facilities are running at close to their limits due to the energy crisis unleashed by the Iran war.
Processing at Europe’s refineries will shrink by 20 per cent in the decade to 2035 to just over 9mn barrels of oil a day (b/d), according to S&P Global Energy, after starting the 21st century at 14mn b/d. In the US, S&P expects a 7 per cent fall in the 10 years to 2035 to 16.7mn b/d, while refineries in the Middle East, Africa and Asia continue to grow.