European refining has long-term health problems apart from COVID-19

摘要

While the region's refining industry is currently being hard-hit by lost demand caused by the coronavirus (COVID-19)pandemic,the current crisis actually underscores problems that Europe's refineries have been facing for years.According to data,the region's refined-product demand growth has been the slowest in the world and has the weakest demand outlook.In fact,in the past 10 years,20 European refineries with a combined 2.1MM b/d in distillation capacity have been forced to closed,accounting for a third of total plant closures.