Europe's oil refining set to shrink
Europe's oil industry has for long relied on supplying the U.S. market with gasoline, but a source at Total's Gonfreville said profit margins have collapsed as gasoline exports had shrunk.
With European oil consumption itself in long-term decline, refiners may now shift from simply reducing gasoline output to permanently cutting the capacity of crude distillation units (CDUs), or even closing a refinery.
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