In 2023, Mexico's oil refinery capacity stood at 1.57 million barrels per day. From 2013 to 2016, there was a decline in capacity, followed by a steady rise from 2017 with minor annual increases. Over the last two years (2022 and 2023), the year-on-year variations were 0.36% and 0.34% respectively. The average annual variation (CAGR) over the last five years was 0.14%. The future is expected to see a gradual increase in capacity, with a forecasted 5-year CAGR of 0.24%, projecting a capacity of 1.59 million barrels per day by 2028, representing a 1.19% growth from 2023.
Future trends to watch for:
- Potential investments in refinery upgrades and expansions
- International oil market dynamics and their impact on refinery operations
- Government policies and regulatory changes affecting the oil sector
- Technological advancements in refining processes
- The impact of global shifts towards renewable energy sources
