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…
