Refining Report: Asia sees major capacity buildout
The region is the global leader in active refining projects, with most based in India and China
Asian oil consumption has increased by more than 6m b/d over the past decade, to reach nearly 36m b/d. The region’s oil demand is forecast to surge by an additional 5.5m b/d, to reach more than 41m b/d, by 2029, according to the IEA. In turn, the region has been the leader in new refining capacity additions, adding approximately 4m b/d of crude distillation unit capacity over the past ten years. By 2028, Asian refining capacity is forecast to increase by nearly a further 4m b/d. The region has also focused on increasing secondary unit capacity. This includes expanding and upgrading as well as building grassroots units to produce cleaner-burning fuels. Many Asian countries have enacted low-su

Also in this section
25 July 2025
KRG, Iraq’s central government and Turkey are all working to get exports flowing from the key port, but complications remain
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats