Refinery restructuring pressures mount
The refining industry’s centre of gravity is moving east, with the most immediate consequences for the owners of Europe’s elderly refining capacity
The Asia-Pacific region is now home to nearly a third of the world’s refining capacity, after the construction of the equivalent of three large new refineries every year for the past 10 years. Over the same period, the region has become the world’s largest consumer of oil products, while North America and Europe have seen their oil use decline. But Asia-Pacific’s new refiners also have their eyes on export markets. With the world’s newest stock of refining capacity, drawing-board designed to make products to the latest specifications, and capable of running less-costly crudes, they have the edge to take on established refiners elsewhere. Other facilitators of long-distance trade are already
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
