S&P Global Energy predicts reduction of refinery capacity in Europe and the USA
The capacity of refineries in Europe and North America will continue to decline in the coming years, despite high demand for fuel and attempts by the authorities to maintain supply stability. This was reported on August 20 by the Financial Times newspaper with reference to the forecast of S&P Global Energy.
According to analysts, by 2035, the volume of oil refining in Europe will decrease by 20% to just over 9 million barrels per day. In the United States, the reduction will be 7%, to 16.7 million barrels per day. At the same time, the capacity of refineries in China, India, the Middle East and Africa, on the contrary, continues to increase.
It is noted that European and American oil refineries are operating at almost the limit of their capabilities this year due to fuel shortages that have arisen amid the worsening situation in the Middle East. However, experts believe that a short—term increase in workload will not change the long-term trend - the closure of old and small factories will continue.
One of the factors reducing recycling in Europe remains the decline in demand for traditional fuels due to the proliferation of electric vehicles. In the first half of the year, sales of electric vehicles increased by almost 63% in France and by 48% in Germany. In addition, analysts cite another reason for investors' unwillingness to invest in new oil refining projects, despite calls from the authorities to increase production capacity.
Bloomberg reported on August 8 that European countries may face a shortage of diesel fuel and a significant increase in its prices in the coming winter. It is noted that Europe is particularly vulnerable to disruptions in the supply of diesel due to limited processing capacity and high dependence on imports. Fuel prices have also increased in a number of countries due to supply disruptions.
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