Refined oil products production

In 2024, the global production of refined oil products slowed down for the 2nd year in a row (+0.9%), closer to its 2010-2019 average growth.

Oil products production dipped by 1% in China after a 9% growth in 2023, due to a flat demand and depressed refining margins. It also decreased in Russia (-7%, over unplanned outages, weaker refining margins, sanctions on oil product exports, and a temporary ban on gasoline exports), Japan (-6%), Algeria and Egypt.
On the contrary, oil products production increased in the US, the EU, and Canada (+1% each). Refined product consumption also grew in Asia - especially in India, South Korea and Thailand (+3% each), in Mexico (+13%, with a new refinery in Tabasco), and in the Middle East (+5%, including +20% in Kuwait, where a new refinery is ramping up production, and +3% in Saudi Arabia). As well, a new 650 kb/d refinery was commissioned in 2023 in Nigeria, boosting the country’s oil product production (x13).