Refineries worldwide are shutting down or switching to biofuels due to rising costs, carbon taxes, and decarbonization policies, despite stable or growing demand for oil products. Wood Mackenzie estimates that 101 out of 410 refineries could close in the next decade, with Europe, the UK, and Canada facing the greatest pressure due to high carbon pricing. While in China electrification impacts demand, new petrochemical-focused refineries are still being built. The U.S. Energy Information Administration warns of potential fuel shortages, as refinery closures outpace demand shifts. This could force the U.S. to curb fuel exports, raising concerns about energy security and reliance on imports.
Photo credit: Canva
Source: Oilprice.com
Read the article from the source here
