The crude oil sector has experienced a devastating 12 months. The Covid-19 pandemic has decimated demand, and currently at least, there is no definitive end in sight. Circumstances have also impacted the refining sector, although it was already undergoing a geographic shift before the pandemic hit. The sector as a whole was facing overcapacity which has been exacerbated by the pandemic. Indeed, refiners across the globe have been forced to make difficult and long-lasting choices. The pandemic has served to highlight the shift in product demand to the East, with new, more sophisticated facilities stealing market share away from older plants in the developed nations. China in particular is leading the way in new capacity additions to serve both regional and domestic demand and will soon challenge for the United States crown as the world’s largest refiner.
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