BAKU, Azerbaijan, August 15. Global crude processing rebounded sharply in June, reaching a record 84.9 million barrels per day (mb/d) as seasonal maintenance slowed, the International Energy Agency (IEA) said, Trend reports.
Throughputs are expected to peak at 85.6 mb/d in August.
Annual growth in the third quarter of 2025 is projected at 1.6 mb/d, well above the first-half average of 130 kb/d. The IEA has raised its 2025 and 2026 refinery run forecasts by roughly 240 kb/d each, now expecting 83.6 mb/d this year and 84 mb/d next year, driven by strong data from the OECD and China.
Chinese crude processing surged 1.2 mb/d month-on-month to 15.2 mb/d, approaching its September 2023 peak of 15.5 mb/d. In the OECD, the Americas led growth with an 870 kb/d increase to 20.1 mb/d, just 1% below the August 2018 record. The OECD Americas utilisation rate hit a 20-year high of 92%, supported by cost-advantaged crude and robust refining profitability. Mexican refining is also gradually recovering, with Pemex reporting June runs of 1.1 mb/d.
Non-OECD regions are expected to more than offset OECD contractions, with crude runs rising by 810 kb/d in 2025 and 920 kb/d in 2026, driven by higher processing in Africa, the Middle East, and Asia.
