China, Mideast Refining Boom to Offset Europe Slump, OPEC Says
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An increase in China’s oil-refining capacity over the next five years will compensate for plant closings in Europe, and refiners in the Middle East will add at least four projects in the same period, OPEC said in a forecast.
Refineries worldwide will boost capacity by about 8.6 million barrels a day from 2013 to 2018, with China accounting for 2.5 million barrels of the expected increase, the Organization of Petroleum Exporting Countries said today in its World Oil Outlook report. New plants in Jubail, Yanbu and Jazan in Saudi Arabia and the expansion of the Ruwais refinery in the United Arab Emirates will contribute capacity in the Middle East, according to OPEC.