Oil Supply & Demand in 2030 with Joel Couse
The HC Commodities Podcast
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Are We Seeing Investment in New Refineries?
We are seeing new investments in refining, but the investments are happening,. for example, in China. In the Middle East, there's a large refinery that's been under construction for a couple of years in Nigeria that may come on stream in 2024. So the projects are there, but it's not the majors. They're not in Europe or North America. It's in emerging markets where demand growth is likely to continue. And as we build out new capacity elsewhere in the world, we're going to see these refineries close down.
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