According to a new report, refinery capacity has grown by 3.6M b/d between 2015 and the end of 2018. Over 50% of the growth in refinery capacity since 2015 has taken place in India (1.0M b/d) and China (0.9M b/d).
Additional refinery capacity requires more crude oil and China and India have increased crude oil imports by 11% and 5%, respectively between 2016 and 2018. Conversely, Japan’s crude oil imports fell by 12% over the same period.
The drive to increase refinery output in the Middle East and China will be a major focus from 2020 onwards, which could see Chinese crude oil imports grow by 7% and Middle East products exports increase by 14%.
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