The global refining industry has not recovered yet from the impact of the pandemic, but it is already facing longer-term challenges with the energy transition. Over the next decade and a half, global fuel demand will likely decline, leading to an overcapacity in the refining market, lower margins, and lower utilization. The outlook varies across regions. Generally speaking, however, some less efficient refineries will have to close because of downward pressure on profits amid lower demand and unnecessary high global capacity, McKinsey & Company…
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