US refiners slip into the red
Covid-19 demand destruction brings shut-ins and severe financial losses to the once-booming sector
The coronavirus has accelerated another wave of closures, consolidations and conversions in the US oil refining industry, after a decade of sky-high profits and growth. Plateauing fuel consumption, tighter environmental regulations and increased overseas competition—especially a number of mega-refining projects, primarily in China and the Middle East, slated to come online between 2021-24—were expected to negatively impact the US industry later this decade. But a sea of red ink in recent quarters, courtesy of the collapse in global petroleum product consumption and refining margins, has brought the timetable forward. In terms of closures, European major Shell will begin shuttering its Conve
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
