One in Five Global Refineries Faces Closure Risk as Oil Demand Peaks, Wood Mackenzie Says

Approximately 20% of global oil refineries face increasing closure risks from declining or negative net cash margins as oil demand approaches a structural decline, according to Wood Mackenzie. Global refined product demand, currently at 105 million barrels per day, is projected to peak at 108 million barrels per day by 2032. Gasoline faces heavy pressure from electric vehicles, while OECD coastal cracking facilities, especially in Europe, face acute margin compression. Amid these long-term outlooks, crude futures rose, with Nymex crude climbing 2.4% to $90.25 per barrel and Brent rising 2.5% to $97.00 per barrel.