Saudi Arabia ’s newest oil refinery reached full capacity last month, adding to international competition that Total SA and Vitol SA said will force more European plants to close. The Satorp refinery, a venture between Total and Saudi Arabian Oil Co., processed crude at full capacity of 400,000 barrels a day on Aug. 1, Patrick Pouyanne, Total’s president of refining and chemicals, said at a conference in Brussels today. Europe ’s refineries are too small and not sophisticated enough to compete with new plants, Chris Bake, executive director at Vitol, the world’s largest oil trader, said at a separate conference in Fujairah, in the United Arab Emirates . “Rationalization is a necessity for Europe,” Pouyanne said at the Platts European Refining Summit. “We are facing a global overcapacity” and companies in Europe should close about 10 percent of refining capacity by 2020 because of falling domestic demand and rising […]