Kuwait official: 20 oil refineries to close globally by 2025

Twenty oil refineries around the world will shut down by 2025, adding that the daily production capacity of these refineries is 6.5 million barrels, Kuwait Petroleum International’s CEO Bakheet Al-Rashidi said today.

In a speech at the 22nd World Petroleum Conference in Istanbul, Turkey, Al-Rashidi said that the refineries will be replaced by more developed ones in order to meet increasing demand and produce high quality products.

Read:OPEC to discuss 9-month output cut extensions fro Kuwait

He pointed out that the recent drop in oil prices has negatively affected workers and investors in the oil refinery sector. He stressed that oil markets need to recover, adding that the global demand for oil increased by 1.6 million barrels per day in 2015 and 2016.

Al-Rashidi pointed out that rising growth rates in the Middle East, China and India are the biggest contributor to the increasing demand for oil.

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On Sunday, the 22nd session of the World Petroleum Congress, titled “Bridges to our Energy Future”, was launched in Istanbul. It is due to come to a close tomorrow.

The conference includes roundtables, workshops and technical seminars on the future of traditional and non-traditional energy resources, global energy policies and investment opportunities in the sector.