Refined oil products production

Production of refined oil products slowed down (+1.8% in 2023), closer to its 2010-2019 average trend.

In 2023, the global production of refined oil products slowed down for the second year in a row (+1.8%, half its 2022 growth), closer to its 1.3% per year growth over the 2010-2019 period.
The surge in oil product consumption due to the end of the zero-COVID policy in early 2023 spurred China’s oil product production (+8.6%), which caught up with the US production (stable in 2023), each accounting for 20% of the global oil product output. Refined product production also grew in India (+3.8%), in Russia (+1.9%), in Brazil (3.2%), in Iran (+2.6%), in Kuwait (+28%, thanks to a new large refinery), and in Canada (+3.9%).
On the contrary, the production of refined oil products fell by 6% in Saudi Arabia, and in most of OECD countries : -2.2% in the EU (including a 10% fall in Germany), -6.4% in Japan and -0.5% in South Korea.