Forecast: Oil Refinery Capacities in South Korea

The analysis of South Korea's oil refinery capacities reveals a consistent increase from 2013 up to 2023, where the capacity stood at 3.67 million barrels per day. Over the last two years, the year-on-year growth rates were 1.32% in 2022 and 1.27% in 2023, showing a slight deceleration. Over the past five years, from 2019 to 2023, the compound annual growth rate (CAGR) was 1.84%, indicating a steady but moderate expansion in refinery capabilities.

Future forecasts, starting from 2024, expect continued growth with a five-year average CAGR predicted at 0.94%, culminating in a 4.78% growth by 2028. Despite the slower growth rate, the expansion trend remains positive.

Trends to watch for in the future include:

• Potential shifts in global oil demand and refining capacities.

• Advances in refining technologies improving efficiency.

• Regulatory changes impacting refinery operations and capacities.

• Economic and geopolitical developments influencing the oil sector.