Oil Refining Market 2024: Trends, Analysis, & Future Directions
The oil refining market plays a crucial role in the global energy landscape, transforming crude oil into indispensable fuels and products. Even with the growing prominence of renewable energy sources, oil refining continues to be essential for satisfying current energy needs.
| Oil Refining Market Statistics (2024) | Predictions and Insights | Source |
|---|---|---|
| 1. Government-owned oil refineries in India are set to invest USD 21.58 billion in 2024-25 to enhance oil and gas exploration, petrochemicals, and pipeline infrastructure. | This significant investment showcases India’s dedication to bolstering the nation’s oil refining capabilities and infrastructure. It’s a strategic move to address growing energy needs and reduce dependency on imports. | Contact us to view the source. |
| 2. The US export credit agency approved a nearly $100 million loan for the expansion of an oil refining facility in Indonesia, boosting the plant’s capacity to convert 40% more oil into jet fuel and diesel. | This expansion is expected to boost Indonesia’s domestic production capabilities, lessen its dependence on imports, and solidify its standing in the regional oil market. | Contact us to view the source. |
| 3. In 2023, US refineries achieved an average processing gain of 6.3%, producing about 45 gallons of refined products from every 42-gallon barrel of crude oil processed. | The processing gain showcases how efficiently US refineries turn crude oil into a larger volume of refined products. This highlights the advanced refining techniques that boost output and help meet the nation’s energy demands. | Contact us to view the source. |
| 4. Russia plans to invest over USD 11 billion in upgrading its oil refineries by 2028. | This significant investment underscores Russia’s strategic efforts to modernize its refining infrastructure. | Contact us to view the source. |
| 5. As of April 2024, India’s refining capacity is 256.8 MMTPA across 23 refineries, with crude oil processing increasing by 1.3% to 23 MMT in May 2024. | The continuous rise in crude oil processing capacity, along with India’s robust refining infrastructure, underscores the nation’s persistent efforts to satisfy both domestic and international energy needs. | Contact us to view the source. |
| 6. In 2023, global oil refinery throughput reached 82.99 million barrels per day, marking a 1.60% increase from the previous year. | The increase in global refinery throughput in 2023 signals a rebound in global energy demand. This recovery is fueled by heightened industrial activity and transportation needs as economies bounce back from the pandemic’s effects. | Contact us to view the source. |
Oil Refining Market – Key Takeaways
As the energy landscape continues to shift, the oil refining industry must innovate to remain competitive. Enhancing efficiency and adapting to evolving demand will be crucial for maintaining its importance in the energy sector.