Highlights 2021 ends “on a high note” for global industry Capacity additions in 2022 could weigh on margins Refinery closures outweighed new capacity in 2021, leading to a drop in global capacity for the first time in 30 years, the International Energy Agency said in its latest monthly report Jan. 19. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Global capacity fell by 730,000 b/d last year as close to 1.6 million b/d was shut or converted into bio-refineries and only 850,000 b/d new capacity came online. For 2022 the IEA forecasts 1.2 million b/d of new additions, while runs will rise by 3.7 million b/d to 81.2 million b/d. However, the reduced capacity last year led to improved refining margins, which “reached multi-year highs in Singapore and Europe at the end of 2021.” Last year thus ended “on a high note” for […]