Global oil refinery capacity 1970-2023

In 2023, the world's oil refinery capacity reached 103.5 million barrels per day. Overall, global refinery capacity has nearly doubled in the past fifty years and experienced the largest growth during the 1970s. 

Production, demand, and refineries

Since the turn of the millennium, global refinery capacity has grown at a more consistent rate than oil production. However, refinery capacity has not been sufficient in keeping up with rising demand. Refineries in the United States have been particularly stretched by the drastic increase in extraction of shale oil over the past decade, which allowed the United States to become the leading producer of oil in the world.

Consumption expanding in Asia

While historically Europe, Eurasia, and North America have been the largest consumers of petroleum, regional distribution is shifting as consumption rises rapidly in Asia. China is currently the second-largest consumer of oil in the world, following the United States.