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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    For the second year in a row... oil refining capacity has increased in America

    Rocky
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    For the second year in a row... oil refining capacity has increased in America Empty For the second year in a row... oil refining capacity has increased in America

    Post by Rocky Sun 16 Jun 2024, 4:43 am

    For the second year in a row... oil refining capacity has increased in America

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    Economy News - follow up
    [rtl]Oil refining capacity in America increased during 2024, continuing its recovery for the second year in a row following the decline it had witnessed during the emerging Corona virus pandemic (Covid-19).[/rtl]
    [rtl]According to a report issued by the US Energy Information Administration (EIA), oil refining capacity in America increased by 1.5% to 18.38 million barrels per day during 2024.[/rtl]
    [rtl]In 2021, America's crude refining capacity recorded 17.94 million barrels per day, the lowest level since 2014, declining from 18.1 million barrels per day during 2020, according to previous data followed by the Specialized Energy Platform (based in Washington).[/rtl]
    [rtl]During the years 2020 and 2021, oil refining capacity in America fell by 5.4%, as a result of closures related to the Corona pandemic that reduced demand for fuel, which prompted some refineries to close and forced others to shift away from refining crude to processing biofuels, for example.[/rtl]
    [rtl]Increase capacity in Texas[/rtl]
    [rtl]The numbers cited by the US Energy Information Administration report show America's oil refining capacity available as of January 1, 2024, reflecting for the first time the effects of the start of the approximately 250,000 barrels of oil per day expansion at the Beaumont-owned refinery. For the American energy giant Exxon Mobil, located in Texas.[/rtl]
    [rtl]The increase in refining capacity, which comes for the second year in a row, is due to the expansion of existing operations.[/rtl]
    [rtl]However, processing capacity at the beginning of this year (2024) remained about 500,000 barrels per day lower than the peak of 2019, amounting to 18.98 million barrels per day, which came before a wave of factory closures during the Corona pandemic.[/rtl]
    [rtl]American refining companies[/rtl]
    [rtl]Refineries process crude oil into gasoline, diesel, jet fuel and other petroleum products.[/rtl]
    [rtl]Marathon Petroleum Corp. maintained first place on the list of the largest crude refining companies in the United States of America in terms of size, as its capacity to process crude reached 2.95 million barrels of oil per day, or the equivalent of 16% of the total refining capacity in the country. In its 13 refineries spread across the United States of America.[/rtl]
    [rtl]Valero Energy Corp. ranked second in size on the list of oil refining capacity in America, with 2.21 million barrels per day, equivalent to about 12% of the total capacity in the country. [/rtl]
    [rtl]ExxonMobil came in third place with a refining capacity of 1.95 million barrels per day following the entry into operation of its refinery expansion project in Beaumont in the spring of last year (2023), which raised the refinery’s processing capacity to 609 thousand barrels of oil per day.[/rtl]
    [rtl]In fourth place on the list of the largest oil refining companies in the United States is Phillips 66, with a refining capacity of 1.39 million barrels of oil per day, followed in fifth and sixth places by PBF Energy and Chevron, which have Capacity to process more than one million barrels of oil per day.[/rtl]
    [rtl]Refinery capacity decline[/rtl]
    [rtl]Over the past few years, America's oil refining capacity has declined significantly, putting pressure on the supply of petroleum products domestically and globally while raising global energy prices.[/rtl]
    [rtl]Since 2020, the production capacity of US refineries has decreased from a peak of 18.98 million barrels per day to 18.27 million barrels per day as of August (2023).[/rtl]
    [rtl]According to the US Energy Information Administration, global demand for liquid fuels is expected to rise by about 20 million barrels per day by 2050, from 101 million to more than 120 million barrels per day.[/rtl]
    [rtl]Although demand for liquid fuels continues, the energy transition led by US and European governments threatens domestic refining capacity.[/rtl]
    [rtl]At the same time, Asia, the Middle East and South America are expected to increase their refining capabilities, according to what was monitored by the specialized energy platform.[/rtl]
    [rtl]Oil production in America[/rtl]
    [rtl]Oil production in America and - as well as - global demand for crude are likely to reach record numbers during the current year (2024), higher than expected, according to the Short-Term Energy Outlook report issued by the US Energy Information Administration in June (2024).[/rtl]
    [rtl]It is expected that oil production in America will grow by about 310 thousand barrels per day to 13.24 million barrels per day during the current year (2024), which is about 40 thousand barrels per day more than the previous expectations launched by the Energy Information Administration in May (2024).[/rtl]
    [rtl]Oil production in America will reach about 13.71 million barrels of oil per day during the next year (2025), a slight decline from previous expectations (13.73 million barrels per day).[/rtl]
    [rtl]Global oil demand is likely to rise to 104.5 million barrels per day during 2025, a slight increase from previous expectations (104.3 million barrels per day), according to the AIA report.[/rtl]




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    Added 06/16/2024 - 11:06 AM
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