Italy’s fuel oil refinery output peaked in 2017 at 8.13 million tonnes of oil equivalent before experiencing a decline. Between 2018 and 2023, output fluctuated, ultimately landing at 5.62 million tonnes in 2023. This represents a -3.34% year-on-year variation from 2022. The compound annual growth rate (CAGR) over the last five years stands at -3.02%, indicating a steady decrease in output. The forecast anticipates continued decline, with a -6.52% CAGR predicted from 2024 to 2028, culminating in an output of 3.74 million tonnes in 2028.
Future trends to watch for:
- Renewable energy impact
- Policy changes targeting emission reductions
- Technological advancements in fuel processing and alternative energy sources
- Global oil price fluctuations and their influence on fuel demand
