Refinery shutdowns continue, likely more in 2021
As the coronavirus pandemic decimated global demand in 2020, refineries around the world reacted immediately with a variety of methods to survive. Temporary shut ins, cold circulation, conversion to renewable production, and outright refinery closures all became commonplace as responses to the pandemic effect. According to the International Energy Agency, 1.7 million barrels per day of refining capacity has already been shut in. Another 2 million barrels per day of capacity could be shut in next year as demand is continued to be impacted, with several months to go before the highly anticipated vaccines can have a positive impact in demand. Some assistance has come with robust demand from
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