Goldman Group plans refinery closure

We expect competition to intensify, leading to sub-consensus refining margins – and average cycle – over 2021-22 and possible refinery closures in developed markets," analysts said in the Goldman Sachs report, which projects that global oil demand will not return to pre-virus levels by 2022. 

For the group, the global refining industry is entering a consolidation phase, as the slowdown in oil demand growth should coincide with large-scale projects. 

The bank also reported that the impact on demand caused by the pandemic in many countries still causes delays in several refining projects, mainly in China and the Middle East. Because of this, overall utilization rates should be 3% lower in this period compared to 2019.

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