Oil refining capacity fell for first time in 30 years in 2021

Global oil refining capacity fell for the first time in 30 years last year, as new capacity was outweighed by closures, the International Energy Agency (IEA) said in its monthly oil market report on Wednesday.

Refining capacity was down by 730,000 bpd in 2021, the IEA said, but net additions were expected to amount to 1.2 MMbpd in 2022.

Global runs are forecast to rise by 3.7 MMbpd in 2022, the IEA added. Refinery throughput averaged 79.8 MMbpd in the fourth quarter of 2021, it added.

Over the last two years, about 900,000 bpd of refining capacity in Asia (excluding China) has been either shut or scheduled to permanently close before the end of 2022, the IEA said.

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