Crude oil distillation capacity requirements will increase by 1.27 million b/d by 2015. Identified capacity expansions of 2.14 million b/d will meet these needs. Beyond 2015, capacity requirements will continue to grow. From 2015 to 2035, an additional 23.40 million b/d of capacity will be required.
By 2035, a light oil processing increase of 4.16 million b/d and downstream conversion capacity increase of 12.38 million b/d will be required. The required conversion expansion activity will significantly exceed historical growth trends, particularly in hydrocracking and residual processing.
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Headline crude prices for the week beginning 12 November 2018 – Brent: US$71/b; WTI: US$60/b
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