Boom-times for US refiners as output increases by 49%
Over the past five years, US crude oil production has increased by more than the entire output of Nigeria
Escalating production of “tight” (mainly shale) crudes has raised US oil output by 2.5 million barrels a day (b/d), or 49%, since its low-point of 2008 – but exports of crude are heavily restricted by federal law. Consequently the new production is being pushed through US refineries, and the products exported. The refinery business is booming and capacity is being expanded. The story gets better, because rising US oil production has depressed the prices of key US crudes, while prices for internationally-traded crudes, most often based on the Brent price, have remained resolutely high. Benefiting from less-costly crude – and also from less-costly gas, for refinery fuel – the US refiners have
Also in this section
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
