A Third of The World’s Refineries Are on the Verge of Closure

More than a third of the world’s total oil refining capacity is at risk of shutting down, as refining margins will soon decline along with demand, while carbon taxes could also become a burden for many refiners. This outcome was predicted by Wood Mackenzie specialists in a recent report. Overall, based on expected net cash earnings by 2030, the consultancy believes that 156 of the 465 refineries assessed would be at “risk of going out of business entirely.” According to detailed analysis, the total lost refining capacity will be 20,2 million barrels per day, or 21,6% of last year’s global…