From 2013 to 2023, oil refinery capacities in North America showed fluctuations but maintained an overall downward trend, reaching 20.87 million barrels per day in 2023. The year-on-year variation reveals this decline, especially notable from 2020 onwards. The last two years saw a contraction of 1.44% and 1.28% respectively. The Compound Annual Growth Rate (CAGR) for the last five years was -1.32%, reflecting this decline more definitively.
Future trends to watch for:
- Continued decline in oil refinery capacities with a forecasted five-year CAGR of -0.68%.
- Potential impacts of shifts to renewable energy sources affecting refinery demand.
- Regulatory changes and technological advancements possibly altering capacity trends.
