Global refining capacity is going to keep growing
Fast-growing markets are adding more plants and eking out gains at older ones. What's coming on, where, and when?
Global refinery capacity looks set to expand steadily through the early 2020s, and industry utilisation rates are expected to remain high. Capacity expansion is expected to lag most analyst expectations of world oil demand growth of 1.3m barrels a day per year by about 300,000 b/d per year through the early 2020s. Most new capacity is being developed in the Asia-Pacific and the Middle East regions. New refinery construction is underway as oil markets face significant shifts in product output and demand. Rising US light tight oil (LTO) output suggests increased light distillate production, while an expected increase in middle distillate demand will stem from new IMO regulations mandating the
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
