The oil refinery capacity in Finland remained constant at 261.07 thousand barrels per day from 2013 to 2020. A significant decrease occurred in 2021, dropping to 203.71 thousand barrels per day, representing a 21.97% year-on-year decline attributed to industry trends and policy changes. Since then, capacity slightly increased to 205.81 thousand barrels per day by 2022 and maintained this level through 2023. The five-year Compound Annual Growth Rate (CAGR) up to 2023 is -4.65%, indicative of a downward trend.
Forecasts for 2024 to 2028 predict stability with capacity remaining at 205.82 thousand barrels per day, indicating a stagnant growth rate. The predicted forecast 5-year CAGR is 0%, showing no expected growth or decline over this period.
Future trends to watch for:
- Global energy transition policies which may impact refinery operations and capacity adjustments.
- Technological advancements in alternative energy sources potentially affecting oil demand.
- Industrial investments or divestments within Finland’s oil sector influencing capacity decisions.
