The global refining industry will face a challenging 2024 as more new capacity comes on stream, according to a Vitol executive, who also said that future investments in new refineries are unlikely because of the energy transition. Fewer new refineries should paint a picture of lower future capacity and, hence, higher margins to come. But there’s a catch: “The pace of the energy transition in oil and in transportation has fallen short of expectations, and at the same time, the lack of investment in the industry has not translated…
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