Global refining margins look poor in short term, buoyant later next decade

The global refining industry is ending this decade on a decidedly down note. US and European refiners have struggled over much of the last 10 years to provide adequate returns for shareholders, and this year has been especially difficult. In Asia, refining overcapacity and a collapse in demand have sunk margins to historically low levels. Is the downstream doomed to another decade of poor operating conditions, or is a return to prosperity imminent?The answer to this question is quite complicated. Certainly there are many more hurdles in the near future that the industry will have to overcome. European and US refiners face tough new fuel product specification changes over the next 5 years,...

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