Refining Report: Biofuels lead the way
Gasoline and diesel demand set to stagnate but biofuels production due to expand significantly to 2030
Oil consumption rates have been level with or greater than consumption rates pre-Covid since Q3/Q4 2022. The IEA, the US EIA and OPEC have forecast global oil demand to hover around 102m b/d in 2023. All three organisations also forecast consumption to increase in 2024 to 102.75–104.25m b/d. In the longer term, the IEA forecasts oil consumption to increase by an additional 2.6m b/d, reaching approximately 105.7m b/d, by 2029. Asia-Pacific will be the leader in oil demand growth to 2030, led by increased industrialisation and demand for refined and petrochemical products in developing nations. Refined product consumption Refined product demand is forecast to increase over the next several yea
Also in this section
24 October 2024
Producers in the region see significant gains to be made by boosting output using the infrastructure already in place
23 October 2024
Markets have seen no material disruption from the war so far, but as the fighting goes on it is a matter of when, not if
23 October 2024
Majors in the region are pushing boundaries and could see significant upside, but longer-term risks remain
22 October 2024
Angola is unlikely to meet the official timeline for an IPO of state-owned oil giant Sonangol in 2026