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New refineries and capacity expansions will see Gulf refiners oil products’ exports rise to 1mn b/d from 2015, a level they are set to maintain to 2020, MEES analysis indicates. This will come despite domestic products consumption rising from an average 5.55mn b/d in 2013 to an estimated 6.48mn b/d in 2020.
The leeway for a potential steady export of refined products, bringing Gulf governments additional revenues in comparison to an equivalent volume of exported crude oil, is being created by rising refining capacity. Four large new refineries plus one refinery expansion project are due to take Gulf refining capacity from 6.88mn b/d at the end of 2012 to 8.76mn b/d in 2020, a hike of 1.88mn b/d. (CONTINUED - 696 WORDS)