IEA: Pandemic Accelerating Global Refinery Rationalization

SUGAR LAND, TEXAS--March 18, 2021--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--The COVID-19 pandemic ushered in the global Petroleum Refining Industry's third wave of consolidation, and more closures are on the way as newer, more efficient refineries are brought online, squeezing margins amid an uncertain future demand picture for transportation fuels, according to Oil 2021, a report by the International Energy Agency (IEA) (Paris, France), which was released March 17. Expected growth in demand from the Chemical Processing Industry emerged as the only bright spot in the IEA report. Within this article: IEA's latest oil outlook report