Germany’s Ingolstadt refinery
Fresh capacity to shift global refining in 2024
Even diesel cracks may be poised to narrow, although other factors—such as attacks on shipping in the Red Sea—could buck the structural trends
Global refining is set to become a more crowded and competitive space in 2024 as capacity continues to ramp up at a number of new facilities. Africa’s largest refinery has already started operations, while the Mideast Gulf continues to cement its new position as a global refining hub. Pressure is mounting on Europe’s ageing refineries as a result. Much like other energy markets, the downstream sector continues to feel the effects of re-rerouted Russian trade and ongoing sanctions. And, as ever with refined products, the supply-demand outlook is different for each individual commodity, partly due to changes in underlying crude feedstock flows. Refinery ramp-ups will be a “huge story this year
Also in this section
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
