Brazil's oil refinery capacity has consistently grown from 2.1 million barrels per day (mbd) in 2013 to 2.33 mbd in 2023. The year-on-year growth rate varied significantly with notable increases in 2014 (6.75%) and slight expansions or stability in later years. The most recent years observed growth rates of around 0.64% annually. Over the past five years, the CAGR stood at 0.42%, indicating a gradual but steady increase.
Future forecasts suggest capacities will rise to 2.4 mbd by 2028, with a forecasted 5-year CAGR of 0.45% and a total forecasted growth rate of 2.28% from 2024 to 2028.
Trends to watch for include potential impacts of energy transition policies, technological advancements in refinery processes, and global economic conditions influencing the demand and supply dynamics.
