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Europe Is Now Seriously Rethinking Its Oil Refinery Phase Down
Alex Kimani · November 1, 2026 · Week 2026-44
Summary
Europe is reconsidering its long-term strategy of phasing out domestic oil refineries due to heightened energy security risks. Geopolitical instability, including conflicts involving Russia and Iran and disruptions to LNG supplies via the Strait of Hormuz, has exposed the continent's vulnerability from relying on imported refined products. This policy debate could alter Europe's long-term demand for crude versus finished products from MENA suppliers.
Strategic Implication
A potential reversal of European refinery closures could shift future demand back towards crude oil imports from the Gulf, impacting the export strategy for new MENA mega-refineries.