Redefining Refining

15 Dec 2016: The recent discussions about the OPEC and non-OPEC production cuts and their impact on oil prices and U.S. shale oil production are a reminder that the upstream side of the oil industry (exploration and production of crude oil) tends to receive more attention than the downstream side of the business (the process of refining and the distribution of refined oil products).  However, the refining industry is going through a lot of changes and faces significant challenges and/or opportunities in the coming years, depending on whom you talk to and which region of the world they operate in.  While developing countries in Asia and the Middle East will continue to add distillation capacity in the coming years, mature markets such as the U.S. & Canada and Europe are likely to see only limited capacity additions over the long run.  As regional demand shifts, we will see capacity growth in certain parts of the world combined with refinery closures in other parts.  All these developments have an impact on the overall health of the refining industry and will change global trade flows in refined petroleum products. Please fill out the form to read full article