OPEC: Product demand outrunning refining capacity; Part 2 of 2

Oil exporters expect world refining capacity to continue to struggle to keep up with product demand.The Organization of Petroleum Exporting Countries secretariat developed a programming model that envisions high distillation capacity utilization rates through 2015.OPEC outlined its findings in a paper entitled “OPEC Oil Outlook to 2025,” delivered in late April during the International Energy Forum in Doha (OGJ, June 12, 2006, p. 20).The paper projected investment needs through 2015 for refining capacity at $160 billion and for maintenance and replacement of lost capacity at $150 billion. The estimates exclude pipelines and terminals (Fig. 1). Click here to enlarge imageInade...

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