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Global refining capacity is expected to increase by nearly 3 million barrels per day by the end of next year, when at least nine refining projects in the Middle East and Asia will be added, the.
The expansion of refining capacity will offset the loss of global refining capacity in 2020 and 2021, when some refineries around the world (including the 1 million bpd refining capacity in the.
Tight refining capacity, coupled with a rebound in fuel demand after the coronavirus lockdowns were lifted, is one of the main reasons for the year-to-date surge in refining margins and high fuel prices around the world, with triple-digit crude prices contributing to record high gasoline and diesel pric.
The EIA's latest refining capacity report, released in June, showed.
Net global refinery capacity additions -- the difference between total new capacity additions and closed capacity -- fell last year for the first time in 30 years, according to the International Energy Agency (IEA) data cited by the E.
According to EIA data, Malaysia and others in Asia, as well as refining companies in Saudi Arabia, Kuwait, Iraq and Oman in the Middle East, are all expected to start new refining projects this year and ne.
"While the potential for project delays and cancellations has been a significant risk, these projects could add nearly 3 million bpd of new refining capacity by the end of 2023," the.
