The oil refinery capacities in Canada have fluctuated marginally over the last decade. In 2023, the capacity stood at 1.98 million barrels per day, marking a slight 0.54% year-on-year decrease from 2022. The capacity showed some short-term volatility with notable increases in 2017 and 2019, but largely minimal changes year-on-year. Over the past five years, the annual average growth rate (CAGR) has been 0.38%, illustrating relative stability with occasional minor dips and surges.
Future trends indicate a slight decline with a projected 5-year CAGR of -0.37%, suggesting an anticipated reduction in capacities due to possibly decreased demand or shifts towards alternative energy sources. By 2028, the forecast projects the capacities to return to 1.93 million barrels per day, equivalent to the levels observed in 2013. Monitoring technological advancements in refining processes and shifts in market dynamics such as policy changes and energy transition strategies will be crucial for understanding future capacity trends.
