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
20 January 2025
The country’s oil and gas giant, KazMunayGas, is pushing ahead with a series of significant international partnerships
17 January 2025
Supply glut or supply deficit are both plausible outlooks, with tariffs and sanctions among the key risks that could swing the pendulum
17 January 2025
European Commission is on its way to meeting clean energy goals, but energy security concerns and higher costs may give it second thoughts
17 January 2025
The CEO of QatarEnergy has highlighted the potential impact a new EU directive could have on energy exports to the continent
