Between 2013 and 2019, the US oil refinery capacity displayed a steady increase, peaking at 18.97 million barrels per day in 2019. However, from 2020 onwards, the trend reversed, with a noticeable decline year-on-year, dropping to 17.43 million barrels per day in 2023, a reduction of 1.42% compared to 2022. The average annual decline over the last five years has been -1.51%. Forecasts for the future indicate a continued decline in refinery capacities, with a projected CAGR of -1.16% through 2028, culminating in a 16.21 million barrels per day capacity, demonstrating a 5.68% decrease compared to 2023.
Future trends to watch for include ongoing shifts towards renewable energies, regulatory changes impacting fossil fuel industries, advancements in refinery technology, and potential economic factors affecting crude oil demand. Keeping an eye on these dynamics will be crucial for understanding the evolving petroleum landscape.
