BAKU, Azerbaijan, June 26. The global refinery throughputs are expected to experience growth in the coming years, with a projected increase of 1.8 mb/d in 2023 to 82.3 mb/d, Trend reports.
As the International Energy Agency (IEA) expects, an additional 1 mb/d is expected to be added the following year, reaching an average of 83.4 mb/d in 2024.
While there is a predicted decline in crude runs within OECD countries for the next year (35.7 mb/d in 2023 and 35.4 mb/d in 2024), this decrease is outweighed by a substantial 1.3 mb/d increase in non-OECD activity (46.6 mb/d in 2023 and 48 mb/d in 2024)
Factors contributing to this trend include the establishment of new refinery capacity in Oman and Kuwait, as well as the availability of discounted Russian crude in Asia, which diverts activity away from the Atlantic Basin, the agency noted.
As a result, the Atlantic Basin experiences mixed dynamics in refinery margins. While there are gains in light distillates, there is a corresponding weakening in middle distillates, resulting in overall stable refinery margins during May.
These developments reflect the evolving global landscape of refinery operations and highlight the significance of regional dynamics and market forces in shaping refinery activities and margins.
