Globally, government policies have shifted away from petroleum in recent years toward lower-carbon alternatives such as renewable fuels and electric vehicles (EVs), largely driven by worries about climate change. This has pushed down investment in petroleum refining, and RBN’s Refined Fuels Analytics (RFA) practice predicts global net refining capacity will increase by only 2.1 MMb/d, or 422 Mb/d annually, from 2025-29 — the slowest rate in 30 years. In today’s RBN blog, we’ll discuss the upcoming refinery closures, proposed projects, and the obstacles new and existing refiners face.