20.2 million bpd of global refining capacity (21.6%) is at risk of closure due to weakening margins, decreasing demand, and potential carbon taxes.

20.2 million barrels per day (21.6% of global refining capacity) is at risk of closure due to weakening refining margins, decreasing demand, and potential carbon taxes, according to energy consultancy Wood Mackenzie. European and Chinese refineries are particularly vulnerable. Over 121 out of 465 screened refining sites, representing 20.2 million bpd of capacity or 21.6% of the global capacity last year, may face closure.