BAKU, Azerbaijan, February 22. Middle Eastern producers are expected to lead the growth in global refinery throughputs in 2024, Trend reports.
According to the forecast made by the International Energy Agency (IEA), the region's refinery runs are expected to grow by 630,000 b/d.
The substantial increase in refinery throughput in the Middle East is attributable to recently commissioned capacities in Kuwait and Oman, coupled with a resurgence in Saudi Arabian operations following an extensive maintenance schedule in the fourth quarter of 2023, the agency explained.
Mainly, Kuwait's Al Zour refinery, with a capacity of 615,000 b/d, achieved full operational status in early February, approximately 18 months after its initial commercial runs, contributing to a 25 percent of regional year-on-year increase.
Similarly, the Duqm refinery in Oman, with a capacity of 230,000 b/d, was formally inaugurated in early February, a year after receiving its first crude cargoes at the Ras Markaz terminal. Beginning product exports on a trial basis in the third quarter of 2023, Duqm has averaged close to 180,000 b/d since the start of the fourth quarter of 2023, constituting approximately one-third of the annual increase.
In other developments, Saudi Arabia's increased output in 2024 is attributed to higher runs at the Jizan refinery and more favorable maintenance forecasts, while Bahrain's ongoing expansion of the Sitra refinery is anticipated to elevate crude runs later in the year.
Meanwhile, the substantial 1.8 mb/d increase in non-OECD refinery throughput observed last year was predominantly propelled by China's impressive year-on-year ramp-up of 1.3 mb/d, with relatively smaller contributions from Other Asia and the Middle East.
Global refinery throughputs are expected to grow by 1 mb/d in 2024. The initial forecast for this year has been revised upward by 80,000 b/d. In 2024, the primary drivers of growth, besides the Middle East, will be China (340,000 b/d), and Africa (260,000 b/d).