Petroleum refinery end-use market output in the U.S. 2020-2025
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 7.5 percent in 2021 to 0.4 percent in 2023, and grow again to 1.4 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 32.7 billion U.S. dollars in 201*9.
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.