OPEC: It is expected that the global refining capacity will be much lower than demand by 2015
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OPEC estimates in its annual world crude oil outlook report that by 2015, the global refining capacity will increase by 7.6 million barrels per day. However, the organization also warned that if the increase in production projects can not be carried out as scheduled, then the actual increase in production capacity may be much lower than expected.
The organization said that the extension or cancellation of oil refining projects is a common occurrence, and this phenomenon has become more common under the current high construction costs and the shortage of skilled workers and professionals.
OPEC said that affected by this, the global refining capacity in 2015 may increase by 6.4 million barrels per day, which is nearly 16% lower than the expected level.