The global refining industry is entering a consolidation phase as slowing oil demand growth is set to coincide with large-scale projects that will start coming online next year, according to Goldman Sachs Group Inc. The demand hit from the coronavirus is yet to cause any delays in a number of mega-refining projects, most of which are in China and the Middle East, that will start operations from 2021 to 2024, the bank said in a note. This will cause global utilization rates to be 3% lower over this period than in 2019. “We expect competition to intensify leading to below consensus — and mid-cycle — refining margins over 2021-22 and potential refinery closures in developed markets,” analysts including Nikhil Bhandari said in the note. Global oil demand will return to pre-virus levels […]