Forecast on U.S. petroleum refinery end-use market output 2020-2024

This statistic displays a forecast of the petroleum and refinery end-use market output in the United States from 2020 to 2024. Through 2020, the petroleum and refinery end-use market output is expected to increase by 2.2 percent.

U.S. petroleum refinery market

It is projected that the growth of output from the U.S. petroleum refinery end-use market will slow, from a rate of 2.2 percent in 2020 to 0.5 percent in 2023, and grow again to 2.2 percent in 2024. Russian oil and gas company Gazprom more than doubled their revenues between 2009 and 2014 from refined petroleum products, from some 17.1 billion U.S. dollars in 2009 to 42.6 billion U.S. dollars in 2014, however revenues dropped to 34.6 billion U.S. dollars in 2018.

Petroleum products refer to materials derived from crude oil and refined within oil refineries. Often, petroleum is converted into various classes of fuels, most commonly gasoline and fuel oil. Apart from common fuels, refineries can also produce chemicals that are often used in the production of plastics. There are a variety of by-products that are also derived from refining petroleum products such as fertilizer, perfumes, soaps, and vitamin pills. In Germany, it is expected that the country’s consumption of some refined petroleum products will decrease. For example, diesel consumption is expected to reach 27 million metric tons and heavy heating oil consumption is expected to fall to 4 million metric tons by 2030. Diesel is primarily used in diesel cars but can also be used for heating within private homes. It is a less volatile gas than gasoline. Sweden has several refineries, totaling 33 as of 2015, dedicated to the manufacturing of petroleum products.

Projection of the U.S. petroleum refinery end-use market output from 2020 to 2024

Change from year to year
20242%
20230.5%
20220.5%
20210.8%
20202.2%
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Source

Release date

December 2019

Region

United States

Survey time period

2019

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