Prospects for the development of the global oil refining market
UDC: 621.313
DOI: -
Authors:
KUTCHEROV VLADIMIR G.
1,
SEROVAISKII ALEXANDER YU.2
1 KTH Royal Institute of Technology, Stockholm, Sweden
2 National University of Oil and Gas "Gubkin University", Moscow, Russia
Keywords: oil refining, market size, development prospects, SWOT analysis
Annotation:
The oil refining industry is the most technologically advanced sector of the oil and gas industry. In 2023, 83 million barrels of crude oil were daily processed worldwide, with a refining capacity of 103,5 million barrels. At the same time, the United States and China account for about 36 % of the refining capacity and about 40% of the products received. In 2024, the global oil refining market size amounted to US$ 1838 billion and is expected to reach about US$ 2800 billion by 2034, increasing annually by an average of 4,3 %. The share of the Asian oil refining market will remain constant and make 37 %.
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