The fuel oil refinery output in Spain was recorded at 191.05 Thousand Terajoules in 2023. The forecasted values indicate a consistent decline in the output over the years 2024 to 2028, starting from 184.06 Thousand Terajoules in 2024 to 157.85 Thousand Terajoules in 2028. Year-on-year variations reflect the following percentages: -3.66% from 2023 to 2024, -3.6% from 2024 to 2025, -3.71% from 2025 to 2026, -3.8% from 2026 to 2027, and -3.92% from 2027 to 2028. The compound annual growth rate (CAGR) indicates an average annual decline of about -3.74% across the five-year period.
Future trends to watch for:
• Monitoring global crude oil prices and its direct impact on refinery economics.
• Spain's energy policies and commitments towards renewable energy targets may further influence the decline in fossil fuel production.
• Advancements in refinery technologies and the potential shift towards more sustainable practices might alter future forecasts.
