Saudi Arabia's oil refinery capacity has experienced various fluctuations between 2013 and 2023. Starting at 2.51 million barrels per day in 2013, the capacity saw significant increases in the initial years, notably a 15.64% rise in 2014. Stability followed with minor changes up to 2019. From 2019 to 2021, capacity held steady at 2.91 million barrels per day, with slight increases each following year, reaching 2.96 million barrels per day in 2023.
Over the last two years, annual growth rates were modest: 1.03% in 2022 and 0.99% in 2023. The last five years' compound annual growth rate (CAGR) was approximately 0.89%, indicating a gradual upward trend.
Looking to the future, the forecast suggests a continued moderate growth in refinery capacity, reaching 3.11 million barrels per day by 2028. The forecasted CAGR over the next five years is projected at 0.75%, with an overall growth rate of 3.81% by 2028.
The following trends should be closely monitored:
- Potential new refinery projects and upgrades in Saudi Arabia.
- Global oil demand and its impact on refining capacity utilization.
- Technological advancements in refinery operations for efficiency and capacity enhancement.
- Economic and geopolitical factors influencing the oil market.
