One in Five Global Refineries at Risk as Oil Demand Peaks in 2032
Global oil refining faces closure risks as demand for refined products is projected to peak at 108 million barrels per day by 2032, then decline. About 20% of current refining capacity may become unprofitable, increasing closure likelihood. Despite this, India will drive 40% of new refining capacity additions through 2030 due to domestic demand and energy policies, amid a global structural demand decline, says Wood Mackenzie.
ET Energy·



