Oil refinery capacities in Malaysia experienced stability from 2013 to 2015 at 612,000 barrels per day, slightly increasing to 618,000 barrels per day in 2016 and then to 625,000 barrels per day from 2017 to 2019. A significant increase occurred in 2020, reaching 955,000 barrels per day, and gradually rose to 981,000 barrels per day in 2022 and 1,010,000 barrels per day in 2023. The forecast indicates continued growth to 1,130,000 barrels per day by 2028.
Key trends:
- Substantial growth in 2020 marked by a 52.8% year-on-year increase.
- Moderate growth of approximately 2.7% year-on-year from 2021 to 2023.
- Future CAGR is forecasted to be 1.88% over the next five years, suggesting a steady increase in refinery capacity.
Future trends to watch for include potential technological advancements aimed at increasing refinery efficiency and capacity, as well as the impact of global oil market dynamics on Malaysia's refining industry. Environmental regulations and shifts in energy sources may also influence future capacity developments.
