BAKU, Azerbaijan, January 20. Global refinery runs surged to a five-year high of 84.3 million barrels per day (mb/d) in December, driven by refiners resuming operations after seasonal maintenance, according to the International Energy Agency (IEA), Trend reports.
The increase marked a year-on-year rise of 930,000 barrels per day (kb/d), led by higher activity in Nigeria, Kuwait, and the United States.
In 2024, average crude throughputs are projected at 82.7 mb/d, reflecting an annual growth of 510 kb/d. The growth is attributed to resilient refining activity in the United States and the addition of new capacity in the Middle East and Africa. Non-OECD countries are expected to underpin a forecasted rise of nearly 700 kb/d in crude runs this year, while refinery closures in the Americas and Europe weigh on OECD activity.
For 2025, global crude runs are expected to average 83.4 mb/d, with annual growth revised up to 660 kb/d, supported by stronger-than-anticipated performance in the United States and Europe. However, European refineries face ongoing challenges from shifting trade dynamics, rising carbon costs, and higher energy expenses.
Despite this, the IEA remains cautiously optimistic, noting that middle distillate margins have supported marginal capacity, particularly in Europe, though capacity closures remain a concern. Global throughput estimates for 2024 were revised slightly lower from the previous month's report, but OECD runs were adjusted upward by 60 kb/d, reflecting a stronger fourth-quarter performance in the Americas.