- Beyond 2025, 600 thousand barrels per day of distillation capacity and an equal amount of condensate splitters will be added to meet the region's continuing growth in demand for light product and naphtha.
- Europe will see the greatest downside, with light product demand starting to fall in 2021 and with utilization hit by a strong wave of capacity additions in Africa, Asia, and the Middle East.
- Australia, Northeast Asia, and the US East and West coasts, share similar characteristics: demand that is flat or falling; an installed refining base that includes plants with low complexity, high costs, or both; and locations that lack advantages in crude supply or attractive nearby opportunities for product export.
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