Oil & Gas Product News Logo

Growth in North American refining industry driven by US

Globaldata graph

The US is expected to lead the refining industry in North America, pushing the total crude oil refining capacity in the region from 24.6 million barrels per day (mmbd) in 2019 to approximately 25.8mmbd by 2024, according to GlobalData.

The company's report, ‘Global Refining Industry Outlook to 2024 - Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Refineries', reveals that the US's refining capacity additions will come from active and upcoming projects between 2020 and 2024, accounting for 57% of the total capacity growth in the region. In North America, 416.5 thousand barrel per day (mbd) capacity additions are likely from expansions of active refinery projects, while the remaining 833mbd is from new-build planned and announced projects.

Adithya Rekha, Oil and Gas Analyst at GlobalData, comments: "In North America, the US leads refinery capacity growth by 2024, with almost similar contributions from the expansions of active refinery projects and new-build projects with 376.5mbd and 340.5mbd, respectively. The Beaumont refinery expansion is expected to account for majority of the capacity additions in the country with 250mbd."

GlobalData expects Mexico to be the second largest country in terms of crude oil refining capacity additions in North America. Two new-build refineries - Dos Bocas refinery and Soto la Marina - are expected to account for entire capacity additions in the country, with 340mbd and 60mbd respectively. Both the refineries are likely to start operations in 2022.

Rekha adds: "Canada accounts for the rest of the refinery capacity additions in North America with about 132.5mbd by 2024. Most of the capacity additions are though new-build projects with 92.5mbd, while expansions of the active refineries account for the rest with 40mbd."

Company info

40-42 Hatton Garden
London,
GB, EC1N 8EB

Website:
globaldata.com

Read more

More from Industry News

Get our newsletter

Subscribe to our free magazine

Get Our Magazine

Paper or Digital delivered monthly to you

Subscribe or Renew Learn more

Get our newsletter

Subscribe to our free magazine

Get Our Magazine

Paper or Digital delivered monthly to you

Subscribe or Renew Learn more