The fuel oil refinery output in Belgium has seen significant fluctuations over the past decade. From 2013 to 2023, the output varied widely, peaking in 2018 at 300.3 Thousand Terajoules before a sharp decline in 2019 and 2020. By 2023, the output had recovered to 230.51 Thousand Terajoules, marking an 11.17% year-on-year increase from 2022. The compounded annual growth rate (CAGR) over the last five years stood at -5.15%, indicating a challenging environment.
Looking ahead, the forecasted data from 2024 to 2028 suggests a steady increase in output, with the refinery output expected to reach 247.91 Thousand Terajoules by 2028. The forecasted five-year CAGR is 1.16%, with an overall growth rate of 5.92% over the period. This indicates a positive but cautious recovery trend.
Future trends to watch for include the impact of global oil market dynamics, environmental regulations, and technological advancements in refinery processes. Monitoring these factors will be crucial for anticipating shifts in the fuel oil refinery output in Belgium.
