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US refining faces mounting competition
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Asian refiners edging out US competition

Rising decarbonisation costs make coastal US refiners vulnerable to expanding Asian export capacity

The closure of ageing refining capacity in recent years amid mounting competition and environmental compliance costs has left US coasts increasingly dependent on imported refined oil products. And export-oriented refineries are having to contend with escalating competition for traditional markets. Ballooning overcapacity East of Suez, where Asia will add 0.39mn bl/d of capacity in 2022 and Middle Eastern capacity will grow by 0.89mn bl/d year-on-year, means gasoline and diesel will be cheap enough to export to Latin America, the US west coast and West Africa. Gulf Coast diesel will also face stiff competition for a slice of the European market in the coming years. Naphtha remains a bright

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