The forecast for petroleum refineries' opening inventories in Canada shows a consistent upward trend from 3.4628 billion CAD in 2024 to 4.1054 billion CAD in 2028. Comparing year-on-year changes, the opening inventories exhibit a steady growth rate, with an approximate annual increase of 4.7% from 2024 to 2025, 4.5% from 2025 to 2026, 4.2% from 2026 to 2027, and 4% from 2027 to 2028. This indicates an average compound annual growth rate (CAGR) of around 4.35% over the five-year forecast period. As we are currently in 2024, it is important to note that previous years showed actual data, with significant growth expected in the near future.
Future trends to watch for:
- Regulatory changes in environmental policies impacting refinery operations
- Technological advancements in refining processes
- Fluctuations in global crude oil supply and demand affecting local inventories
- Economic factors including inflation and currency exchange rates
