Global refining market


In 2013, crude oil production and processing increased worldwide. Global fuel consumption was driven chiefly by developing countries such as China and India, as well as Brazil and Russia, while fuel consumption in OECD countries fell off. Although the bulk of global demand for crude oil is satisfied by non-OECD producers, at the same time crude production has increased in OECD countries in recent years, mostly on the back of higher shale oil production in the US. Crude oil production in the European Union continues to fall, which has a negative effect on the energy security of the entire Community.

Crude output (million tonnes/year)

Source: In-house analysis based on BP data.

Crude processing volumes ('000 bbl/day)

Źródło: Opracowanie własne na podstawie danych BP.

Fuel consumption (million tonnes/year)

Source: In-house analysis based on BP data.

Processing capacity utilisation (%)

Source: In-house analysis based on BP data.

2013 saw a further increase in global demand for crude oil, with differences in growth rates between individual continents continuing. Global demand grew by an estimated 0.9m bbl/d, while in Europe the demand fell by 0.22m bbl/d, on the back of the lingering economic crisis in several European countries. In 2013, crude oil supplies increased globally by an estimated 1.2m bbl/d, including approximately 1m bbl/d contributed by increased production in the US and Canada. At the same time, production in the EU declined.

The key drivers of the situation in the refining sector include the skyrocketing supply in North America and the increased demand seen in non-OECD countries. The rising supply accompanied by a decline in domestic consumption has transformed the United States from the largest global importer of refining products into the largest net exporter. Additionally, the shale revolution and low natural gas prices have further enhanced the competitiveness of US refineries.