15 Countries With The Largest Refining Capacity
In this article, we will look at the 15 countries with the largest refining capacity. If you want to explore similar countries, you can also read 5 Countries With The Largest Refining Capacity.
The refining industry is a major component of the global economy, with countries around the world processing petroleum products to generate energy and fuel. Refining capacity is an important measure of a country's ability to produce oil and gas products, and in this article, we'll take a look at the countries with the largest refining capacity. By examining the refining capacities of these countries, we can get an idea of how much of the world's oil and gas is being produced, and how this production is being distributed.
Refining capacity refers to the amount of crude oil a country can process into refined products such as gasoline and diesel. The countries with the largest refining capacity have the capability to produce significant amounts of these products and play a major role in the global oil market.
According to Reports and Data, the global oil refining market was worth $1.42 trillion in 2021 and is expected to grow to $2.22 trillion by 2030, at a compound annual growth rate of 5.1% from 2022 to 2030. Some of the world's largest oil refining companies include Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), and Shell plc (NYSE:SHEL).
Photo by Robin Sommer on Unsplash
Our Methodology
To determine the top countries with the largest refining capacity, we consulted the Statistical Review of World Energy 2022 published by BP plc (NYSE:BP). BP (NYSE:BP) publishes an annual report that provides an overview of energy trends in the global energy system. It provides detailed information on energy consumption, production and trade, as well as energy prices, emissions and reserves. The report is based on a comprehensive review of energy data from countries and territories across the globe. It is one of the longest-running series of energy statistics in the world, having been published for more than 70 years.
We sifted through BP's (NYSE:BP) annual report and studied the refining capacity section of the report. We sorted the section by refining capacity in 2021, in ascending order, and picked the top 15 names. We have ranked these countries in ascending order of their refining capacities, as reported in 2021. The refining capacities are measured in million barrels per day (mb/d).
Countries With The Largest Refining Capacity
15. Singapore
Refining Capacity: 1.46 mb/d
Singapore is one of the world’s leading refining centers and has the world’s fifteenth largest refining capacity, as of 2021. It has the capacity to process 1.46 million barrels per day of crude oil, making it a major hub for the refining of oil.
Singapore is also home to a number of major petrochemical plants, which produce a range of products including ethylene, propylene, and aromatics. These products are then used to create a range of products including lubricants, resins, and chemicals.
14. Mexico
Refining Capacity: 1.55 mb/d
Mexico is one of the largest refiners of crude oil in the world, with a total refining capacity of 1.55 million barrels per day, as of 2021. Most of Mexico's refining capacity is used to produce gasoline and diesel fuel, as well as other petroleum products such as jet fuel and lubricants. Mexico is also a leading producer of oil and has a production capacity of 1.92 million barrels per day, as of 2021.
13. Spain
Refining Capacity: 1.58 mb/d
Spain has one of the largest oil refining capacities in the world. In 2021, the country had a total refining capacity of 1.58 million barrels per day. The country has eight major oil refineries and had a refinery throughput of 1.14 million barrels per day in 2021.
12. Italy
Refining Capacity: 1.90 mb/d
Italy has one of the largest oil refining capacities in Europe. In 2021, the country had a total refining capacity of 1.90 million barrels per day. Italy also has significant capacity to produce a variety of fuels and petrochemical products, including gasoline, diesel, jet fuel, lubricants, and petrochemicals.
11. Canada
Refining Capacity: 1.95 mb/d
Up next we have Canada. In 2021, the country had a refining capacity of 1.95 million barrels per day. The majority of Canada’s refining capacity is located in the provinces of Alberta, Ontario, and Quebec. Canada is also a major producer of oil and, in 2021, the country had a production capacity of 5.42 million barrels of oil per day. Canada has a strong refining sector and is well positioned to meet the growing global demand for refined petroleum
10. Germany
Refining Capacity: 2.12 mb/d
Germany is one of the largest refiners in the world. In 2021, the company had a total refining capacity of 2.12 million barrels of oil per day. In addition to its refining capacity, Germany also operates several petrochemical complexes, which produce a range of products including plastics, fertilizers, and fuels. Overall, Germany is an important player in the global refining industry, and its refining capacity is among the largest in the world.
9. Brazil
Refining Capacity: 2.30 mb/d
Brazil is one of the world's leading refining countries, with a total oil refining capacity of approximately 2.30 million barrels per day, as of 2021. Brazil is also an important player in the global market for petroleum products, exporting a large amount of gasoline, diesel, and jet fuel to other countries. This is thanks to the country's extensive refining capacity and efficient logistics infrastructure. Overall, Brazil has one of the largest refining sectors in the world, and it is a key player in the global petroleum market. Its refining capacity is expected to continue to increase in the future as the country develops its oil and gas reserves.
8. Iran
Refining Capacity: 2.50 mb/d
Up next among the countries with the largest refining capacities we have Iran. In 2021, the country had a total refining capacity of 2.50 million barrels per day. Iran is one of the largest refiners in the Middle East. In recent years, Iran has been developing its refining sector and its refining capacity is expected to continue to grow in the coming years, as the country invests heavily in modernizing its refineries and increasing capacity. This will not only help meet domestic demand, but will also enable Iran to increase its export volumes and compete more effectively in the global oil market.
7. Saudi Arabia
Refining Capacity: 2.90 mb/d
Saudi Arabia is one of the world's largest oil exporter and has the second-largest proven crude oil reserves. The Kingdom is also home to one of the world's largest oil refining capacity, with a total refining capacity of 2.90 million barrels per day, as of 2021. Saudi Arabia has five major refineries that are operated by Saudi Aramco (TADAWUL:2222), one of the largest oil companies in the world, by revenue. Saudi Arabia's refining sector is the key to its success as the world's leading oil exporter. The country's refineries are some of the most modern and efficient refineries in the world, and they are constantly being upgraded and expanded. Saudi Aramco (TADAWUL:2222) is investing heavily in new technologies and refining capacity in order to meet the growing demand for its products.
In addition to its refining capacity, Saudi Arabia also has a large petrochemical industry. The country is home to one of the world's largest petrochemical complexes. Saudi Aramco (TADAWUL:2222) is also investing heavily in petrochemical projects, and the company is among the largest producers of petroleum products in the world.
Overall, Saudi Arabia's refining capacity and its petrochemical sector are two of the key reasons why the Kingdom is the world's leading oil exporter. The country's refineries are able to produce a wide range of refined products, and its petrochemical industry is one of the largest in the world. This means that Saudi Arabia can meet the world's growing demand for oil and fuel, while providing high-quality products at competitive prices.
Other prominent players in the global refining industry include Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), and Shell plc (NYSE:SHEL).
6. Japan
Refining Capacity: 3.28 mb/d
Japan is the sixth-largest refiner in the world, as of 2021, with a total refining capacity of 3.28 million barrels per day. The country's refining sector is highly developed and contributes significantly to the economy. In recent years, Japan has been modernizing its refining sector in order to meet the changing needs of the global market. Japan is well-positioned to meet the demands of the global market and maintain its position as a major player in the refining sector.
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Disclosure: None. 15 Countries With The Largest Refining Capacity is originally published on Insider Monkey.