2.6-4.9 million barrels/day oil refining capacity growth by 2028, predominantly in Asia-Pacific and Middle East.

PBF Energy Inc. highlights a transformative period in the global oil refining industry, with capacity expected to grow by 2.6 to 4.9 million barrels per day by 2028, predominantly in the Asia-Pacific and Middle East regions due to rising demand. In contrast, the Atlantic Basin faces stagnation and competition. Despite challenges, global refiners invested $71 billion in 2023, signaling ongoing commitment to expansion amidst changing geopolitical and market dynamics.

October 12, 2024
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