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OIL PRODUCTS: Oil Refining Growth Nearing End: BNEF

OIL PRODUCTS

Uncertainties around oil demand and the energy transition are challenging the investment case for new refining projects, according to BNEF.

  • That means the current wave of annual capacity additions is nearing its end.
  • Net oil refining capacity globally is set to rise 4.7m b/d across 2024-2030, outpacing growth in refined products demand.
  • BNEF expects yearly additions to drop to 0.5m b/d during 2026-2030, down 75% from the 1.8m b/d annual average over 2024-2025.
Source: Bloomberg

 

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