The oil refinery capacities in China have shown a general upward trend from 2013 to 2023, with a slight dip in some years but overall continuous growth. As of 2023, the capacity stood at 17.73 million barrels per day, which is a 2.1% increase from the previous year. Over the last five years, the Compound Annual Growth Rate (CAGR) has been 2.51%, indicating steady and moderate growth.
From 2024 onwards, forecasts suggest continued growth in refinery capacities, projecting a CAGR of 1.49% over the next five years, cumulating in a total growth rate of 7.67% by 2028. This sustained increase suggests that China is poised to maintain its heavy investment in refining infrastructure.
Future trends to watch for include the potential impact of global oil demand fluctuations, China's environmental regulations on refinery processes, and advancements in refining technology that could boost efficiency further.
