The UK's refinery output for gas oil and diesel oil, excluding biofuel, has consistently declined from 986.69 thousand terajoules in 2013 to 810.32 thousand terajoules in 2023. The year-on-year decline accelerated from 2022 to 2023 by approximately 1.63%. Over the last five years, the Compound Annual Growth Rate (CAGR) shows a decline of 1.17%.
Actual figures demonstrate a long-term reduction in output, averaging a yearly decrease of about -2.37% per year over the past decade. The forecast indicates this decline will continue, with a -1.43% CAGR expected over the next five years, reaching 740.19 thousand terajoules by 2028.
Future trends to watch for:
- Technological advancements in renewable energy and alternative fuels potentially accelerating the decline in diesel and gas oil output.
- Policy changes and environmental regulations aimed at reducing carbon emissions could further impact refinery outputs.
- Global economic shifts and energy demands influencing local refinery operations and investments in sustainable energy sources.
