Atlantic Refineries Will Cut Production, Wood Mackenzie Says

(Bloomberg) — Oil refineries surrounding the Atlantic Ocean will cut output and processing capacity in 2009 and 2010 as demand drops, according to a report by Wood Mackenzie Ltd.

U.S and European oil demand is predicted to fall 1.1 million barrels per day between 2008 and 2010, the report showed. Non-refinery supplies, which include natural-gas liquids and biofuels, will increase by 400,000 barrels per day during the same period.


In the U.S. and Europe,