The global refining industry faces a wave of new capacity additions to 2024 that would greatly exceed demand growth for refined products, and this may result in refinery closures to rebalance the market, the International Energy Agency (IEA) said in its Oil 2019 annual report on Monday. Refiners around the world are expected to add 9 million bpd of new capacity through 2024, the Paris-based agency said in its report, noting that China is expected to overtake the United States as the world’s leader in installed refining capacity. “Given that these new additions far exceed the increase in demand for refined products, plant closures might be necessary to rebalance the market, though questions remain as to where and when that will happen,” the IEA noted. In its monthly Oil Market Report in January this year, the IEA said refiners face a challenging year in 2019, with processing capacity set […]