US drives North America’s refining industry to reach 25.8 mmbd by 2024
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, a leading data and analytics company.
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.”
Active denotes expansion of active refineries.
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”.