HPIn Europe: Consultants stand by need for massive capacity cuts
In November 2009, I wrote about how the world’s downstream consultants seemed almost to be vying to ring up the most pessimistic prognosis for refinery closures. A year on, there’s little to..
In November 2009, I wrote about how the world’s downstream consultants seemed almost to be vying to ring up the most pessimistic prognosis for refinery closures. A year on, there’s little to suggest they were off the mark. Talking to one of them today, they’re just as bearish as they were then. You may recall that JBC Energy in Vienna told me last year that 2.8 million bpd (MMbpd) of European refinery capacity must close. By February of this year, they increased that estimate by nearly 600,000 bd.
How much to cut?From its work for OPEC, the US consulting group, Ensys said that 10 MM bpd of cuts would be required to bring global utilization rates up to 85% by 2020. Energy Mark
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