SPECIAL REPORT: Global crude capacity will rise nearly 11 million b/d by 2012

Global crude distillation capacity will increase 10.6 million b/d during 2007-12—9.1 million b/d of new capacity and 1.5 million b/d of capacity creep—according to a report from the International Energy Agency (IEA) entitled “Medium-Term Oil Market Report.” The expansion in refining capacity will be in response to an increase in oil demand of 9.6 million b/d by 2012.IEA feels that investment in sophisticated refinery capacity is continuing and it foresees significant improvement in refinery flexibility despite project inflation and slippage similar to that seen in the upstream sector.Current refinery investment should increase refiners’ ability to process heavy...

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