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More than 20% of global refinery capacity at risk of closure — Reuters

Some 30 European refineries have already closed since 2009, according to industry organization Concawe

LONDON, March 28. /TASS/. More than fifth of global refining capacity is at risk of closure as gasoline margins weaken and the pressure to reduce carbon emissions mounts, Reuters reported citing data from the energy consulting company Wood Mackenzie.

The largest number of them are in Europe and China, where oil refining capacity with a production volume of approximately 3.9 million barrels per day is under threat, the company reported after studying the situation at 465 oil refineries.

Some 30 European refineries have already closed since 2009, according to industry organization Concawe.

This spate of closures have been brought on by competition from newer and more complex plants in the Middle East and Asia as well as the impact of the COVID-19 pandemic, Reuters wrote.

Gasoline margins are expected to weaken by the end of this decade as demand declines and sanctions on Russia ease while expected carbon taxes should also start to bite, the Wood Mackenzie analysts say.