The latest IEF report on the global oil refining sector, written with S&P Global, explores the uncertainty pervading the refining sector as it grapples with the competing demands of sustainability, changing consumer behaviour and economic shocks.
The report finds that crude distillation capacity fell by 3.8 million barrels per day in the last two years — the first drop for two decades — exacerbating tight markets and price volatility.
The report says global fuel markets are expected to stay tight for years as new capacity takes time to ramp-up. In the medium term, investment in new refining capacity is expected to be muted by forecasts that show global petroleum demand plateauing as electric vehicles replace combustion engines.
On 12 October the IEF will host an expert roundtable event to discuss the findings of its latest report. Find out more and register to watch.