Global refined oil product markets are on track to remain tight until mid-decade, with the global downstream industry facing significant near-, medium- and long-term challenges, according to a new report by S&P Global and the International Energy Forum (IEF). Global oil refining capacity dropped for the first time in 20 years in 2020 and again last year, on pandemic-weakened margins, accelerated refinery closures, and motivated conversions to biofuels or distribution terminals, according to an Oil Refining Industry Insights report issued last week. S&P Global Commodity Insights forecasts that there are no quick ... (full story)