The International Energy Agency (IEA) says that an “aggressive” refining expansion in the Middle East will add 2.5mn b/d to the region’s crude distillation capacity during 2013-18.

In the latest Medium-Term Oil Market Report, published on 14 May, the IEA says that the Middle East will account for 22% of a predicted 9.5mn b/d rise in global refining capacity over the next five years, with Asia contributing 60%. Global refining capacity reached 96.9mn b/d by the end of 2012, yet the utilization rate was 78% with total demand averaging 89.8mn b/d. (CONTINUED - 533 WORDS)