Shutdowns on both sides of the Atlantic and rising light sweet crude supply are boosting the European refining sector, even if the longer-term outlook is downbeat. Over 500,000 b/d of refining capacity has permanently closed in Europe in the past two years, as well as more than 750,000 b/d on the US east coast and in the Caribbean (see upper table). The figure would be higher but for the more than 600,000 b/d of capacity that has restarted this year after appearing to shut down permanently (see lower table).
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