Refinery construction is primarily driven by demand for oil products. "Demand growth for oil products is currently strong and will remain so for at least this year and next," says Richard Joswick, managing director of PIRA Oil Group at Platts. "Over the medium term, although we think it will slow somewhat, it will still remain quite healthy. We do not see any 'peak demand' for oil any time soon."
"Global refined-product demand is expected to grow by about one million barrels per day per year for the next decade, and that growth will require refinery capacity expansion," says Rebecca Adler, senior director of communications at the American Fuel and Petrochemical Manufacturers.