Germany’s Ingolstadt refinery
Fresh capacity to shift global refining in 2024
Even diesel cracks may be poised to narrow, although other factors—such as attacks on shipping in the Red Sea—could buck the structural trends
Global refining is set to become a more crowded and competitive space in 2024 as capacity continues to ramp up at a number of new facilities. Africa’s largest refinery has already started operations, while the Mideast Gulf continues to cement its new position as a global refining hub. Pressure is mounting on Europe’s ageing refineries as a result. Much like other energy markets, the downstream sector continues to feel the effects of re-rerouted Russian trade and ongoing sanctions. And, as ever with refined products, the supply-demand outlook is different for each individual commodity, partly due to changes in underlying crude feedstock flows. Refinery ramp-ups will be a “huge story this year
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
