Analysis:

Singapore's oil refinery capacity has largely remained stable over the past decade, with minor fluctuations. Standing at 1.49 million barrels per day in 2023, the capacity has seen periods of stagnation (2014-2020) and slight reductions (2021). The last two years showed marginal positive year-on-year variations of 1.71% in 2022 and 0.27% in 2023. The average yearly change (CAGR) over the past five years stands at -0.32%, indicating a very slight downward trend overall.

Future trends to watch for:

With forecasted data suggesting a steady rise back to 1.51 million barrels per day by 2028, a modest growth trend of 0.2% CAGR is expected.
Potential shifts in global oil demand and Singapore's strategic positioning in the petrochemical industry could influence future capacities.
Technological advancements and sustainability initiatives may also impact refinery operations and capacity adjustments.