Drivers around the world are feeling pain at the pump with fuel prices soaring, and costs are surging for heating buildings, power generation, transporting of goods and industrial production.
In April this year, 78-million barrels were processed daily, down sharply from the pre-pandemic average of 82.1-million bpd. The IEA expects refining to rebound later this year to 81.9-million bpd as Chinese refiners come back online.The US, China, Russia and Europe are all operating refineries at lower capacity than before the pandemic. US refiners shut nearly 1-million bpd of capacity since 2019 for various reasons.
China has the most spare refining capacity. Refined product exports are only allowed under official quotas, mainly granted to large state-owned refining companies and not to smaller independent companies that hold much of China’s spare capacity.
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