companies (NOCs) dominate the global refining sector with 54% market share. Global demand for petroleum products is fading with call on refined products almost flat at 85.9mnbopd in 2030 vs 85.6mnbopd in 2024. This situation would normally call for capacity rationalization. However, the rush to secure domestic availability is expected to lead to expansion of global capacity by 2.6mnbopd through 2030, net of closures of 1.6mnbopd. Almost all of the...