US refiners slip into the red
Covid-19 demand destruction brings shut-ins and severe financial losses to the once-booming sector
The coronavirus has accelerated another wave of closures, consolidations and conversions in the US oil refining industry, after a decade of sky-high profits and growth. Plateauing fuel consumption, tighter environmental regulations and increased overseas competition—especially a number of mega-refining projects, primarily in China and the Middle East, slated to come online between 2021-24—were expected to negatively impact the US industry later this decade. But a sea of red ink in recent quarters, courtesy of the collapse in global petroleum product consumption and refining margins, has brought the timetable forward. In terms of closures, European major Shell will begin shuttering its Conve
Also in this section
5 March 2025
The oil alliance’s decision to keep to the plan amid tightening economic fundamentals seems to have been lost in the global geopolitical maelstrom, misplaced market speculation and haze of conjecture
5 March 2025
Petronas is making huge efforts to arrest falling oil production and accelerate gas increases to meet rising demand, but political tensions persist
5 March 2025
Plans to boost capacity have seen little progress as the country lags behind other major oil consumers and importers
4 March 2025
The US and Canada are boosting capacity builds for renewable diesel and biofuels, while Central and South American countries are investing heavily to upgrade and expand their domestic refining sectors
