Global refinery closures by yearend 2016 could be more than the previously announced 1 million b/d of capacity, Energy Security Analysis Inc. reported. “The total capacity at risk of closure by that time is as high as 2 million b/d,” ESAI Refining Manager Christopher Barber said. Weaker refining margins in Europe and Asia will put more pressure on marginal operations as changing government policies put even more capacity at risk in Asia and Russia, the Wakefield, Mass., energy and power market research and strategic advisory firm said in its latest Global Refining Outlook . ESAI said refiners in Europe already plan to rationalize 320,000 b/d of capacity by yearend 2016, while petroleum product manufacturers in former Soviet Union countries intend to shut another 280,000 b/d. Refiners in Taiwan, Australia, and Japan plan to cut another 420,000 b/d, the analysis said. Reports also suggest that Saudi Aramco is planning to […]