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In 2024, the world's oil refinery capacity reached million barrels per day. Overall, global refinery capacity has ** in the past fifty years and experienced the largest growth during the 1970s. 

Production, demand, and refineries

Since the turn of the millennium, global refinery capacity has grown at a more consistent rate than oil production. More recently, lower refining margins and insecurity over the longevity of future projects have led to the closure of multiple small and medium-sized refinery complexes, particularly in the United States and Europe. The Nigeria-based Dangote Refinery is the largest addition to refining capacities in recent years, having become operational in 2023.  

Consumption expanding in Asia

While historically Europe, Eurasia, and North America have been the largest consumers of petroleum, regional distribution is shifting toward the Asia-Pacific region. Today, China is the second-largest consumer of oil in the world, with three further Asia-Pacific countries among the top ten largest consumers.