The upstream oil and gas business is recovering from one of the worst slumps in recent memory as oil prices sit at around $75 per barrel and global demand rises. The expectation now is that prices will reach pre-crisis levels in just a few quarters. However, the downstream segment's suffering is set to linger—and not only in the short term. Lower refining margins and structural overcapacity are the near-term challenges ahead for the oil refining industry. But there are two other challenges that refiners need to overcome if they want to remain…
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