• Sign up for the Daily Digest E-mail
  • Facebook
  • X
  • LinkedIn

BOE Report

Sign up
  • Home
  • StackDX Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

Emission-cutting policies expected to close refineries, new report says

November 1, 20175:03 PM The Canadian Press0 Comments

CALGARY – The Carbon Tracker Initiative says about 100 of the world’s refineries may be forced to shut down in the next 18 years due to shrinking fuel demand as carbon emissions reduction policies are implemented.

But the London-based environmental group says Canadian refineries are among the most likely to remain open as they pay less for the oilsands crude they use, which means their refining operations have healthier profit margins than many others.

Author Andrew Grant says the report runs counter to industry assumptions that world fuel demand will continue to grow at a slow pace through 2035, instead suggesting that demand will peak in 2020 and then fall.

The scenario is based on the assumption that decision-makers will try to restrict global warming to two degrees Celsius by limiting concentration of carbon dioxide in the atmosphere to around 450 parts per million, the goal set under the Paris accord in 2015.

He says about a quarter of 492 facilities representing most of the world’s refining capacity will no longer be profitable by 2035.

Grant says the report is designed to discourage investors from investing in companies that spend money on refining operations.

“I think it’s making a simple point which is, if we’re going to be successful or approach successful with the climate targets governments have set themselves at Paris … which entails oil demand falling, then that means there’s less oil going through the refining industry and you end up with structural oversupply,” he said.

The report was sponsored by Danish and Swedish pension funds and is based on data and methodology provided by international energy consultancy Wood Mackenzie.

Follow BOE Report
  • Facebook
  • X
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Blackstone to Invest More Than $25 Billion in Pennsylvania’s Digital and Energy Infrastructure, Plus Catalyze an Additional $60 Billion Investment
  • Venture Global proposes larger expansion at Plaquemines LNG facility, filing shows
  • Ex-Pioneer CEO cannot challenge order barring him from Exxon board, FTC says
  • SLB’s ChampionX deal clears final hurdle with UK approval
  • Blackstone to invest $25 bln in data centers and natural gas plants, COO says

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contact
    • Report Error
    BOE Network
    © 2025 Stack Technologies Ltd.