September 2017

Columns

Editorial Comment: Is the refining market oversupplied, or is the capacity needed?

Over the past two years, the editorial comment in our September issue has focused on the topic of overcapacity in the global refining sector.

Nichols, Lee, Hydrocarbon Processing Staff

Over the past two years, the editorial comment in our September issue has focused on the topic of overcapacity in the global refining sector. As we look to 2020 and beyond, the refining industry still appears to be headed toward that future. Depending on the forecast consulted, global oil demand is expected to increase to 99 MMbpd–101 MMbpd by 2021. Within that same timeframe, global refining capacity should increase by approximately 7 MMbpd, to 104 MMbpd. The majority of this new capacity is being built in the Asia-Pacific and Middle East regions. The bulk amount will be focused on secondary unit conversions and construction—a trend that will also be seen in Russia. The majority of the ne

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