This year’s oil glut is already receding. It is a shame that can’t be said of the global glut of oil refineries, which is only getting worse. Europe in particular has long had too many oil refineries, but the pandemic-induced fall in energy demand has ramped up pressure to resolve the problem. For the region’s big oil producers—already reeling after a flood of excess oil pushed some prices below zero in April—a few aging assets are likely in line for a makeover. Others could be destined for the scrap heap.

Source: Wall Street Journal September 03, 2020 09:06 UTC