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Covid-19 accelerates refinery rationalisation
Petroleum Economist ; - (February):6-7, 2021.
Article in English | Scopus | ID: covidwho-1905336
ABSTRACT
Oversupply of refining capacity worldwide is seen even before the Covid-19 pandemic, with projections of capacity growth exceeding increases in refined product demand by a factor of 21. Refinery throughput reductions have been significant globally in 2020 but have varied by region. In the US, refinery utilization rates dropped ≤ 68 pc in April before recovering to 80 pc in August and decreasing back to 76 pc in November. For OECD Europe, production for October stabilized at 10.6 million bpd. In China, refinery throughput averaged at 80 pc in November, in line with October levels, while the smaller independent refineries in the Shandong region maintained slighter lower run rates of 72 pc. Over 550,000 bpd of capacity shutdowns have already been announced to take effect between 2021 and 2023, with the potential for further closures on the horizon.
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Collection: Databases of international organizations Database: Scopus Language: English Journal: Petroleum Economist Year: 2021 Document Type: Article

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Collection: Databases of international organizations Database: Scopus Language: English Journal: Petroleum Economist Year: 2021 Document Type: Article