In 2023, production in refined petroleum products in the UK stood at 40.30 billion pounds sterling. The forecasted data from 2024 to 2028 indicates a steady increase in production values, rising from 40.39 billion pounds in 2024 to 40.76 billion pounds in 2028. Annual year-on-year variations suggest a growth trend as follows:
* 2024: +0.22%
* 2025: +0.25%
* 2026: +0.22%
* 2027: +0.22%
* 2028: +0.22%
The compound annual growth rate (CAGR) over the five years is approximately 0.22%.
Future trends to watch for include potential fluctuations in crude oil prices, advancements in refining technologies, shifts in environmental regulations, and the increasing adoption of alternative energy sources which could impact the demand and production of refined petroleum products.
