Fuel oil refinery output in Turkey demonstrated a fluctuating trend over the past decade. From 2013 to 2023, the volume went from an initial high of 125.12 thousand terajoules in 2013 to a significant drop in 2018, and a sharp decline in 2020, followed by a gradual recovery, reaching 119.81 thousand terajoules in 2023.
The year-on-year variations highlight periods of both growth and decline, with notable high growth in 2014 and 2019 and considerable drops in 2016, 2018, and 2020. The compound annual growth rate (CAGR) over the last 5 years up to 2023 stands at 5.79%, indicating an overall recovery despite the volatility.
Looking forward, the forecasted data from 2024 to 2028 suggest a gradual decrease in fuel oil refinery output, with a forecasted value of 99.09 thousand terajoules by 2028. The CAGR for the forecasted period is -3.03%, reflecting a potential declining trend.
Future trends to watch for include:
- Technological advancements in refining processes and their impact on output.
- The influence of global energy market fluctuations and geopolitical factors.
- Changes in government policy and environmental regulations affecting refinery operations.
- Shifts toward renewable energy sources and their potential impact on fuel oil demand.
