5 million b/d net refining swing from West to East over 2020-2021 Petrochemicals shift in Asia, bio-refining switch in Europe, US China to be dominant refining force in 2021 as US’ grip loosens The global oil refining map is being redrawn. Simple, traditional refineries are being superseded by complex mega-plants. Meanwhile, the ailing downstream sector, particularly in Europe and the US, is either shutting down or shifting away from classic oil products to bio-refineries, and middle distillates are losing popularity to petrochemicals. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Moving into 2021, oil will be pulled more decisively into the Middle East-Asia nexus. The COVID-19 crisis has not so much pushed the industry away from crude but rather sped up the process of establishing a new oil order — one that has been taking shape for many years. A host of new refineries […]