<p>The global refining industry faces a shifting terrain. Demand and refining capacity are moving to the Middle East and Asia, while product specifications are tightening, especially in 2020 for marine fuels. A wave of new refining investment confronts relatively subdued demand growth, and both the feedstock slate and required output are gradually changing. What is the medium-term outlook for the global oil refining industry? How are refiners ensuring future competitiveness? What are the different challenges for independent refiners, international oil companies, and national oil firms from exporting and importing countries?</p>

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