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Refining Capacity Rise in 2024 Led by Middle East, China & Africa: IEA

REFINING

The growth in global oil refining capacity in 2024 will be led by the Middle East, China and Africa according to the IEA Oil Monthly Report.

  • Global crude-processing capacity is forecast to rise by 1mb/d to 83.3m this year.
  • Capacity in the Middle East is expected to rise by 630kb/d. Kuwait’s Al Zour refinery reached full capacity in early February, Oman’s Duqm formally inaugurated this month and Bahrain’s Sitra expansion is expected to add to capacity later this year.
  • China’s refining capacity is forecast to increase by 340kb/d although closures in Shandong are likely.
  • Africa’s capacity will increase by 260kb/d as Nigeria adds 200kb/d this year with the Dangote commissioning to extend into 2Q and Ghana boosted by the January start of Sentuo.
  • Venezuela’s El Palito may return to full service in the coming months.
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