Global number of oil refineries 2023-2024
The global oil refining landscape is set to expand, with 825 operational refineries worldwide in 2024 and plans for an additional 181 units by 2030. This growth reflects the ongoing demand for refined petroleum products despite increasing focus on renewable energy sources. The industry continues to be dominated by major players, with Reliance Industries' Jamnagar Refinery in India standing out as the world's largest operational refinery.
Regional production and capacity
Asia leads the world in refined oil product output, producing over 1.7 billion metric tons in 2023. China and India are key contributors to this regional dominance. However, the United States still remains the single largest producer of refined oil products, with an output of 921 million metric tons in 2023. This puts the U.S. ahead of China, despite the latter being home to Sinopec, the world's largest oil refining company by capacity.
Future developments and largest refineries
While existing facilities continue to operate at high capacities, new projects are in the pipeline. The Jask II refinery project in Iran is poised to become a significant player, with a planned capacity of 600,000 barrels per day and an expected start date in 2028. Currently, the Jamnagar Refinery in India, owned by Reliance Industries, holds the title of the world's largest operational refinery with a capacity of 1.24 million barrels per day as of April 2023. This surpasses other major facilities such as the SK Energy Co. refinery in Ulsan, South Korea, and the Paraguana Refinery Complex in Venezuela.