The COVID-19 pandemic severely impacted the global refining sector, causing dramatic fuel demand cuts, especially in transportation, which led to oversupply and plummeting margins. In response, refiners worldwide reduced utilization and altered product yields. They also slashed capital spending, deferred projects, and even shut down or converted facilities.
While global fuel demand remains subdued with new regional challenges, vaccine progress and stimulus programs offer signs of recovery. Against this backdrop, ADI provides its research and outlook for the refining sector in 2021 and beyond.
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