Crude Processing

Europe is set to experience further closures in its refining sector in 2025, with nearly 400K  b/d capacity—about 3% of the region’s total—scheduled to shut down permanently

Chevron USA. Inc. has successfully completed a major retrofit of its refinery in Pasadena, Texas, aimed at significantly improving its refining capacity and product flexibility.

Phillips 66’s decision to close its Los Angeles Refinery by the end of 2025 marks a significant shift in the US state of California’s refining sector, a trend exacerbated by weak refining margins, rising compliance costs, and increasingly stringent environmental regulations

On Oct. 16, 2024, Phillips 66 revealed plans to close its Los Angeles-area refinery, P66-LA, by the end of 2025.

The International Energy Agency (IEA) has revised its 2024 global crude run forecasts, lowering estimates by 180K b/d from 83MM b/d  to 82.8MM b/d.

US major independent refiner has confirmed it will close its Wilmington, California refinery, with a capacity of 139K b/d, by the fourth quarter of 2025.

The refining sector is currently facing a significant downturn, signaling the end of a profitable supercycle that began post-pandemic

In the third quarter of 2024, major U.S. crude oil refiners are scaling back their operations due to weak profit margins and necessary maintenance. 

Gunvor's head of research, Frederic Lasserre, emphasized the volatile nature of the global refining market, stating,

In 2024, the International Energy Agency (IEA) projects a shift in global crude throughput patterns, with China relinquishing its dominant position in refinery activity growth.