Global refining is at a crossroads, as shifting regional demand, mounting sustainability pressures and heightened energy security concerns reshape the industry. Rystad Energy’s research shows that even though there are fewer refineries today, overall refining capacity has grown to keep up with the rising volume of oil that needs processing. In the last two decades, global primary refining capacity has increased by about 13.5 million barrels per day (bpd), or roughly 15%. In contrast, the absolute number of refineries peaked in 2011 and has…
