In 2024, the efficiency of petroleum refining in China is forecasted to be 94.9. This is a slight decline from the efficiency observed in 2023. Over the forecasted period from 2024 to 2028, the efficiency is expected to continue a gradual decline, with values decrementing marginally each year to 94.6 by 2028.
Year-on-year variations show a consistent decrease of 0.1% annually from 2024 to 2026, and then stabilizes, maintaining an efficiency of 94.6 from 2027 onwards. The Compound Annual Growth Rate (CAGR) for the five-year forecasted period demonstrates a very slight average annual decline of approximately 0.06%.
Future trends to watch for include advancements in refining technology which could potentially reverse the declining efficiency trend. Additionally, regulatory changes and environmental policies may impact refinery operations and their overall efficiency. Lastly, fluctuations in global crude oil prices and supply chain dynamics could further influence refining activities in China.
