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Global Refining Capacity To Peak This Decade


Global refining capacity is likely to peak this decade according to Alan Gelder at Wood Mackenzie.

  • Net refinery capacity is expected to rise between 2023 and 2026 primarily driven by the Middle East and Sub-Saharan Africa and by Asia Pacific in 2026
  • Net refining capacity growth is seen as negative between 2028-2030.
  • Average global utilization rates are expected to stay strong with refining margins at healthy levels mainly driven by middle distillate crack spreads.

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