BAKU, Azerbaijan, September 13. The International Energy Agency (IEA) has revised its forecast for global oil refining due to maintenance at several refineries worldwide, as well as reduced refining profitability, Trend reports via the IEA's latest Oil Market Report (OMR).
The agency revealed its expectations from global oil refining to reach 83 million barrels per day this year, down from the previous forecast of 83.3 million barrels per day.
The IEA also predicted global oil refining at refineries worldwide to reach 83.7 million barrels per day in 2025, slightly lower than the earlier forecast of 83.9 million barrels per day.
The OMR noted that a reduction in refining volumes is expected in the second half of 2024 due to preventive maintenance at several refineries.
"Refining volumes in the former Soviet Union countries could decrease by 200,000 barrels per day in 2024, reflecting planned maintenance at Russian refineries in September, a power outage at Belarus' Mozyr refinery, which has a capacity of 240,000 barrels per day, and the planned shutdown of Azerbaijan's refinery in November," the OMR added.
To note, the Baku Refinery, named after Heydar Aliyev, is Azerbaijan's sole facility with the capacity to process 6.5 million tons of oil annually.
From January through August, this enterprise processed 4.4 million tons of oil (an increase of 200,000 tons compared to the eight months of 2023).