The pandemic has accelerated refinery closures globally as refiners and oil majors acknowledge that some sites have become permanently uneconomical amid depressed refining margins, fierce regional competition, and expectations of declining road fuel demand in the long term. For many countries, the closing of refining capacity means increased dependence on imports and heightened risk of fuel supply disruption in case of a major regional or world conflict. Nowhere is this more evident now than in Australia , which will soon find itself with just two operating refineries, including one under review for potential closure, compared to eight operational sites 20 years ago. Due to its geographical position, Australia has lost the competition in the refining business as small and old refineries cannot rival the booming oil processing capacity in Asia, particularly China and India. Also due to its location, Australia—with reduced refining capacity—will increase its dependence on fuel imports […]