US refiner margins to stabilize next year as plant
The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson
The global refining industry is poised for a challenging 2025 due to the influx of new refining capacities, contrary to earlier predictions of reduced demand due to the energy transition.
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The refining industry has kicked off the year on a strong note, with major U.S. fuelmakers surpassing Wall Street's earnings expectations in the last quarter of 2025 , driven by solid refining margins and operational
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turnermasonAnd Then There Were Eight Phillips 66's decision and the
, Phillips 66 announced plans to cease operations at its Los Angeles-area refinery (P66-LA) in the fourth quarter of 2025 . The company will work with the state of California
After discovery of oil in the Assam state of India in late 1880s, the first oil refinery was set up at Digboi. Digboi Refinery was commissioned in 1901. [1] Following is a list of oil refineries in India,
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KplerNavigating the Global Refining Landscape in 2025 : Trends
As we venture into 2025 , the global refining industry is experiencing a dynamic interplay of factors that are shaping its current state and future trajectory. These industry
In 2025 , RRC/PTTAR/PTTGC had the total crude oil refining capacity of around 280,000 barrels per day. This was followed by Thai Oil refinery, with a daily refining capacity of about 275,000 barrels.
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- What will the refining industry look like in 2024?
- Against this context, we anticipate a far more mixed outlook for the refining industry in 2024. Global oil demand will continue to grow in 2024 albeit at a slower pace but will underline the world’s continued reliance on oil especially for transportation and mobility. ADI is forecasting global refinery runs to increase in 2024 by a little over 1%.
- How much will crude oil refiners make in 2023?
- Average U.S. Gulf Coast refining margins were as high as $17 to $20 per barrel in 2023 but we anticipate them to fall to $12 to $15 this year. While these will still be higher than the average seen over the past few years, refiners will globally have to contend with volatility in crude oil prices and refined product demand.
- How did the global refining industry perform in 2023?
- The global refining industry had an unexpectedly strong year in 2023 with strong demand recovery especially in diesel and jet fuel and high crack spreads not seen in many years leaving many refiners with strong balance sheets and optimism about the future.
- Will new refineries be a challenge in 2024?
- The global refining industry will face a challenging 2024 as more new capacity comes on stream, according to a Vitol executive, who also said that future investments in new refineries are unlikely because of the energy transition. Fewer new refineries should paint a picture of lower future capacity and, hence, higher margins to come.
- Will global refining capacity utilization increase in 2024?
- The global refining capacity has caught up mostly with turnarounds and maintenance deferred during the COVID years. As a result, global refining capacity utilization will also be a few percentage points higher in 2024 in comparison to the past year.
- Will new refining capacity dries up after 2029?
- Our assessment of new refining capacities dries up after 2029, but there are other high-potential projects (2.6 mmb/d) that could emerge later, mostly in Asia and the Middle East. Overall, refining capacity and demand growth are well matched for the next ten years.
