The production of refined petroleum products in Belgium has shown considerable volatility over the past decade, with significant declines in some years, such as in 2016, 2019, and 2020, followed by periods of recovery. As of 2023, the production stood at €37.62 billion, reflecting a positive growth of 7.88% year-on-year. Notable variations include a dramatic 44.36% drop in 2020 and a substantial recovery of 96% in 2021. The last five-year CAGR for this sector shows a slight decline of -1.41%, indicating a general trend of contraction over this period. Looking forward, forecasts suggest a gradual decrease, with a forecasted CAGR of -1.39% and an overall decline of -6.75% by 2028.
Future trends to watch for include the impact of energy transition policies, the shift towards renewable energy sources, and potential technological advancements in the refining process. These factors could significantly influence production levels and market dynamics in the coming years.
