![20% of Global Oil-Refining Capacity at Risk of Closure, Says Wood Mackenzie 20% of Global Oil-Refining Capacity at Risk of Closure, Says Wood Mackenzie](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzSAf7UXwbYaDxZQGH3yUo8VEN48i_4s0v3x1KljamsYMaNxuFIxcXW1TYwlmLHhJ3LGuCAY2BUeBPHoetN3W_nYj7ErZhjErBDq4DrFtlYezIQ4Bgtd8RHnx_A9jM_S2W8fT8VxWiHrrdlZlDUialeACJMDvzACKZfWV0T-fnsW6H44Gv3_8M_A8kvHt2/w320-h192-rw/Copy%20of%20Copy%20of%20Copy%20of%20Copy%20of%20Untitled%20(500%20%C3%97%20300%20px)%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(18).png)
- This is due to a variety of factors including weakening gasoline margins, increasing pressure to reduce carbon emissions, and rising operating costs.
- The analysis scrutinized 465 refining sites and found that about 21% of 2023 global refining capacity is at some risk of closure.
- Europe and China house the greatest number of high-risk sites, putting about 3.9 million barrels per day (bpd) of refining capacity in jeopardy.
- 11 European sites account for 45% of all high-risk plants.
- About 30 European refineries have already shut down since 2009, with nearly 90 still in operation.
- This spate of closures has been brought on by competition from newer and more complex plants in the Middle East and Asia, as well as the impact of the COVID-19 pandemic.
- Gasoline margins are expected to weaken by the end of this decade as demand declines and sanctions on Russia ease, while expected carbon taxes should also start to bite.
Question:
Q.1 According to a recent analysis by Wood Mackenzie, what percentage of global oil refining capacity is at risk of closure?a. 10%
b. 50%
c. 30%
d. 21%