Figure5.1GasolineandgasoilspreadsversusDatedBrentinRotterdam$/bSource:ArgusMediaJan-07Feb-07Mar-07Apr-07May-07Jun-07Jul-07GasolinePrem.987.19.514.219.526.221.016.8Gasoil10ppm11.312.010.510.911.710.89.1Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebwarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityfodecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.Jan-07Jan-08Jan-09Jan-10Jan-11Jan-12Jan-13Jan-14Jan010203040506070GasolinePrem.98Gasoil10ppm$/bAug-07Sep-07Oct-07Nov-07Dec-07Jan-08Feb-08Mar-08Apr-08May-0816.411.68.89.38.47.27.55.79.15.712.714.913.218.216.716.420.729.833.439.7rldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariaoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanysarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWfanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,oetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsalueinanyproceedings.-10Jan-11Jan-12Jan-13Jan-14Jan-15Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Prem.98Gasoil10ppmJun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-08Jan-09Feb-09Mar-0911.25.910.812.55.61.92.85.29.68.134.031.524.829.027.727.722.218.312.39.4siness,finance,investmentconsultantorOilOutlook,theOPECSecretariatmakesnotionwithorattributabletoanyactionorofgeographicalentitiesintheWorldOilanycountry,territoryorarea,orofitsmodifyinganylegalobligationsunderanyApr-09May-09Jun-09Jul-09Aug-09Sep-09Oct-09Nov-09Dec-09Jan-1011.118.916.712.314.411.010.010.58.9712.059.36.87.16.87.27.48.86.67.347.92Feb-10Mar-10Apr-10May-10Jun-10Jul-10Aug-10Sep-10Oct-10Nov-1012.8117.0814.1614.5113.9311.299.7011.4613.3311.507.899.8511.0412.2212.6510.1011.1412.6714.1313.34Dec-10Jan-11Feb-11Mar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-1111.919.385.466.6614.1314.758.8512.1613.1210.5112.6213.6414.5616.5312.8010.9813.5914.1615.3313.14Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-127.642.154.68.989.7315.6820.8415.9519.3818.4319.6621.0916.1417.5714.6512.3915.1814.5718.2418.73Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Apr-13May-1319.6324.8114.998.7810.7411.9417.5814.1714.7517.717.8521.8623.820.3715.4215.4617.0115.4815.1413.98Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-1416.8616.5214.9910.610.4510.9210.068.2511.0213.3115.3914.6414.7615.415.7314.514.7313.5814.4213.46Apr-14May-14Jun-14Jul-14Aug-14Sep-14Oct-14Nov-14Dec-14Jan-1520.3417.6918.7521.4418.319.9316.4916.8910.7813.9414.4411.629.9312.5615.0914.5814.9417.3514.9215.38Feb-15Mar-15Apr-15May-15Jun-15Jul-15Aug-15Sep-15Oct-15Nov-1515.5821.6922.8123.3831.9933.9630.823.1118.1720.9716.8915.8414.7114.8414.6812.0513.9413.810.6712.76Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16Jul-16Aug-16Sep-1620.6322.6617.0216.3124.9322.6821.9417.3518.2219.937.527.367.958.628.099.8411.098.848.439.24Oct-16Nov-16Dec-16Jan-17Feb-17Mar-17Apr-17May-17Jun-17Jul-1720.3919.4917.819.2420.618.4622.7722.1623.221.812.0812.1611.3210.4711.0710.6111.5210.6610.6412.39Aug-17Sep-17Oct-17Nov-17Dec-17Jan-18Feb-18Mar-18Apr-18May-1823.5123.518.8220.2516.2616.4717.6413.4519.119.7313.0415.2614.4112.7212.4213.0212.2912.7513.9114.45Jun-18Jul-18Aug-18Sep-18Oct-18Nov-18Dec-18Jan-19Feb-19Mar-1919.5419.4622.3716.2310.0812.1210.628.8610.431514.5813.6715.8514.0616.0621.6917.6315.8716.7515.74Apr-19May-19Jun-19Jul-19Aug-19Sep-19Oct-19Nov-19Dec-19Jan-2021.8419.4114.2618.4218.8114.6416.5215.1110.4512.8113.3214.0212.114.6316.6117.1418.7415.0313.4712.69Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-2014.28.818.788.999.6710.838.6210.7910.187.321114.6514.295.294.486.264.912.784.164.91Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-215.98.338.4811.2715.3514.613.7416.1119.9419.495.465.335.664.375.126.026.385.36.879.95Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-2219.9419.416.3915.8616.1116.229.0753.0164.9845.3913.3811.4612.2814.5714.7637.7347.0939.2455.7326.52Figure5.2Secondarycapacityrelativetodistillationcapacity,January2022%Source:OPECUS&CanadaLatinAmericaAfricaEuropeRussia&CaspianMiddleEastUpgrading58.0939.6218.9145.0837.7830.92Octaneunits29.3113.2515.2922.1915.4619.54Desulphurization86.5953.7138.8472.9553.0660.24Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformanorismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuraccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orfinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECandexploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlooksopinionsorhavingprobativelegalvalueinanyproceedings.ChinaOtherAsia-PacificGlobal51.7037.8043.9916.7520.1520.5354.8076.4467.58OilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsultavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesocy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiontakenasaresultofusingyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWorldonthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconctheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,laworothertextUpgradingOctaneunitsDesulphurization0102030405060708090100%nance,investmentconsultantorotherprofessional;riatmakesnowarrantiesorrepresentationsastoitsntakenasaresultofusingorrelyingonthephicalentitiesintheWorldOilOutlook,andtheuserofitsauthorities,orconcerningtheexploration,nt,treaty,laworothertexts;orexpressinganylegalDesulphurizationUS&CanadaLatinAmericaAfricaEuropeRussia&CaspianMiddleEastChinaOtherAsia-PacificGlobalFigure5.3Annualdistillationcapacityadditionsandtotalprojectsinvestmentmb/d,$(2022)billionSource:OPECAnnualadditionsCost(RHS)20180.9864.6620191.6060.2620201.1850.4820210.9451.7820222.0678.3620231.2646.1520241.0842.7120251.0838.8920261.0235.6720270.7826.81Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsandtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.Nothinlaworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.2018201920202021202220230.00.51.01.52.02.5AnnualadditionsCost(RHS)mb/dOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsulnableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakessponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordeciilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWornwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthoenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreems.2021202220232024202520262027020406080100sCost(RHS)$(2022)billion,finance,investmentconsultantorotherheOPECSecretariatmakesnowarrantiesutabletoanyactionordecisiontakenasagraphicalentitiesintheWorldOilOutlook,ritoryorarea,orofitsauthorities,orobligationsunderanyagreement,treaty,Figure5.4Medium-termdistillationcapacityadditionsfromexistingprojectsmb/dSource:OPECAfricaEuropeChina20220.040.020.090.000.041.020.6820230.160.010.610.000.010.280.1020240.110.010.140.020.030.090.4020250.070.090.140.010.060.090.1720260.000.090.100.010.040.060.1520270.000.080.100.000.030.050.00Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesUS&CanadaLatinAmericaRussia&CaspianMiddleEastDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccurausingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitstheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.0.170.070.280.450.560.53OtherAsia-PacificOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsultaableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnnsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisionyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWorldtsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthoritiess.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,lawUS&CanadaLatinAmericaAfricaEuropeRussia&Ca...MiddleEastChinaOtherAsia-P...0.00.51.01.52.02.5202720262025202420232022mb/dnce,investmentconsultantorotherPECSecretariatmakesnowarrantiesoroanyactionordecisiontakenasaresultofhicalentitiesintheWorldOilOutlook,andarea,orofitsauthorities,orconcerningtheyagreement,treaty,laworothertexts;orOtherAsia-P...202720262025202420232022Figure5.5Distillationcapacityadditionsandoildemandgrowth,2022–2045mb/dSource:OPECPleasenote:thebaseyearfordemandgrowthis2021and2022forcapacityadditions2022-20255.725.728.582025-203010.054.3311.422030-203512.912.8612.552035-204014.841.9412.872040-204515.540.6912.92Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesCumulativecapacityadditionsCapacityadditionsperperiodCumulativeoildemandgrowthDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformameanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensurethearelevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylosOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitspresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/orirefining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstrprobativelegalvalueinanyproceedings.2022-2025024681012141618CapaciCumulCumulmb/dldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiontakenasaresultofusingorrelarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWonthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcdOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,laworothertexts;orexpr2022-20252025-20302030-20352035-20402040-2045024681012141618CapacityadditionsperperiodCumulativecapacityadditionsCumulativeoildemandgrowthmb/dss,finance,investmentconsultantorotherprofessional;norisiatmakesnowarrantiesorrepresentationsastoitsaccuracy,enasaresultofusingorrelyingontheinformationintheWorldeographicalentitiesintheWorldOilOutlook,andtheuseandorofitsauthorities,orconcerningtheexploration,exploitation,y,laworothertexts;orexpressinganylegalopinionsorhavingFigure5.6mb/dSource:OPECAfricaEuropeMiddleEastChina2022-20250.470.141.000.050.151.511.392025-20300.030.240.90-0.020.060.321.232030-20350.140.110.630.000.110.430.052035-20400.010.110.580.000.010.180.072040-20450.000.140.320.000.000.090.06Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesCrudedistillationcapacityadditions,2022-2045US&CanadaLatinAmericaRussia&CaspianDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccurausingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitstheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.1.011.561.400.990.09OtherAsia-PacificOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsultaableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnnsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisionyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWorldtsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthoritiess.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,lawUS&CanadaLatinAmericaAfricaEuropeRussia&CaspianMiddleEastChinaOtherAsia-Pacific01234562040-20452035-20402030-20352025-20302022-2025mb/dnce,investmentconsultantorotherPECSecretariatmakesnowarrantiesoroanyactionordecisiontakenasaresultofhicalentitiesintheWorldOilOutlook,andarea,orofitsauthorities,orconcerningtheyagreement,treaty,laworothertexts;or2040-20452035-20402030-20352025-20302022-2025Figure5.7Additionalglobalcummulativerefinerycruderuns,potentialandrequiredmb/dSource:OPECPotential:basedonexpecteddistillationcapacityexpansion;assumingnoclosures.Required:basedonprojecteddemandincreasesassumingnochangeinrefinedproductstradepattern.20221.393.5320232.925.6620244.016.6520255.027.4220266.007.8520276.858.25Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesPotentialrefiningcapacitybasedonprojectlistRequiredrefiningcapacityDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccurausingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.202220230123456789PotentialrefiningcapacitybaseRequiredrefiningcapacitymb/ddOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakeponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,rces.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,l02220232024202520262027PotentialrefiningcapacitybasedonprojectlistRequiredrefiningcapacityss,finance,investmentconsultantorothertheOPECSecretariatmakesnowarrantiesortabletoanyactionordecisiontakenasaresultofographicalentitiesintheWorldOilOutlook,andtheorarea,orofitsauthorities,orconcerningthederanyagreement,treaty,laworothertexts;orFigure5.8AdditionalcummulativecruderunsinUS&Canada,potentialandrequiredmb/dSource:OPEC202220232024202520262027Requiredrefiningcapacity0.551.061.091.030.870.67Potentialrefiningcapacitybasedonprojectlist0.020.130.260.360.400.42Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.eWorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmend.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecrsumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabnecessarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesinionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryoraritspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligaegalvalueinanyproceedings.202220232024202520262027-0.20.00.20.40.60.81.01.21.4RequiredrefiningcapacityPotentialrefiningcapacitybasedonprojectlistmb/dbusiness,finance,investmentconsultantorOilOutlook,theOPECSecretariatmakesnnectionwithorattributabletoanyactionnofgeographicalentitiesintheWorldOilfanycountry,territoryorarea,orofitsormodifyinganylegalobligationsunderanyFigure5.9AdditionalcummulativecruderunsinEurope,potentialandrequiredmb/dSource:OPEC202220232024202520262027Requiredrefiningcapacity0.460.560.470.340.14-0.07Potentialrefiningcapacitybasedonprojectlist0.000.000.010.020.020.02Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebwarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityfodecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.eWorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmen.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecremesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoecessarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesinonofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryoraritspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligagalvalueinanyproceedings.202220232024202520262027-0.10.00.10.20.30.40.50.6RequiredrefiningcapacityPotentialrefiningcapacitybasedonprojectlistmb/dusiness,finance,investmentconsultantorOilOutlook,theOPECSecretariatmakesnoectionwithorattributabletoanyactionornofgeographicalentitiesintheWorldOilanycountry,territoryorarea,orofitsormodifyinganylegalobligationsunderany027ctlistFigure5.10AdditionalcummulativecruderunsinChina,potentialandrequiredmb/dSource:OPEC202220232024202520262027Requiredrefiningcapacity0.230.590.790.951.051.15Potentialrefiningcapacitybasedonprojectlist0.410.771.001.261.411.48Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavmakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.OilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsultstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributable.yreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWorlyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsundalueinanyproceedings.2022202320242025202620270.00.20.40.60.81.01.21.41.6RequiredrefiningcapacityPotentialrefiningcapacitybasedonprojectlistmb/dfinance,investmentconsultantutlook,theOPECSecretariatnectionwithorattributabletoraphicalentitiesintheWorldOilntry,territoryorarea,orofitsinganylegalobligationsunderFigure5.11AdditionalcummulativecruderunsinAsia-Pacific(excl.China),potentialandrequiredmb/dSource:OPEC202220232024202520262027Requiredrefiningcapacity1.221.782.132.462.733.01Potentialrefiningcapacitybasedonprojectlist0.100.220.380.721.181.68Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.eWorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmend.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecrsumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabnecessarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesinsionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorafitspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligavelegalvalueinanyproceedings.2022202320242025202620270.00.51.01.52.02.53.03.5RequiredrefiningcapacityPotentialrefiningcapacitybasedonprojectlistmb/dbusiness,finance,investmentconsultantordOilOutlook,theOPECSecretariatmakesonnectionwithorattributabletoanyactionnofgeographicalentitiesintheWorldOilfanycountry,territoryorarea,orofitsormodifyinganylegalobligationsunder2027Figure5.12AdditionalcummulativecruderunsintheMiddleEast,potentialandrequiredmb/dSource:OPEC202220232024202520262027Requiredrefiningcapacity0.550.760.941.131.311.49Potentialrefiningcapacitybasedonprojectlist0.701.291.461.551.621.67Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.eWorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmend.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecrsumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabnecessarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesinsionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorafitspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligavelegalvalueinanyproceedings.2022202320242025202620270.00.20.40.60.81.01.21.41.61.8RequiredrefiningcapacityPotentialrefiningcapacitybasedonprojectlistmb/dbusiness,finance,investmentconsultantordOilOutlook,theOPECSecretariatmakesonnectionwithorattributabletoanyactionnofgeographicalentitiesintheWorldOilfanycountry,territoryorarea,orofitsormodifyinganylegalobligationsunder2027Figure5.13AdditionalcummulativecruderunsintheRussia&Caspian,potentialandrequiredmb/dSource:OPEC202220232024202520262027Requiredrefiningcapacity-0.11-0.13-0.10-0.06-0.05-0.03Potentialrefiningcapacitybasedonprojectlist0.070.090.120.160.210.24Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.eWorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmend.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecrsumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabnecessarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesinsionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorafitspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligavelegalvalueinanyproceedings.202220232024202520262027-0.2-0.10.00.10.20.3RequiredrefiningcapacityPotentialrefiningcapacitybasedonprojectlistmb/dbusiness,finance,investmentconsultantordOilOutlook,theOPECSecretariatmakesonnectionwithorattributabletoanyactionnofgeographicalentitiesintheWorldOilfanycountry,territoryorarea,orofitsormodifyinganylegalobligationsunderFigure5.14AdditionalcummulativecruderunsinAfrica,potentialandrequiredmb/dSource:OPEC202220232024202520262027Requiredrefiningcapacity0.110.260.430.590.740.89Potentialrefiningcapacitybasedonprojectlist0.060.370.710.850.961.05Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.eWorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmend.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecrsumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabnecessarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesinsionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorafitspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligavelegalvalueinanyproceedings.2022202320242025202620270.00.20.40.60.81.01.2RequiredrefiningcapacityPotentialrefiningcapacitybasedonprojectlistmb/dbusiness,finance,investmentconsultantordOilOutlook,theOPECSecretariatmakesonnectionwithorattributabletoanyactionnofgeographicalentitiesintheWorldOilfanycountry,territoryorarea,orofitsormodifyinganylegalobligationsunder2027Figure5.15AdditionalcummulativecruderunsinLatinAmerica,potentialandrequiredmb/dSource:OPEC202220232024202520262027Requiredrefiningcapacity0.530.790.900.991.061.14Potentialrefiningcapacitybasedonprojectlist0.010.030.030.080.160.24Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.eWorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmend.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecrsumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabnecessarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesinionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryoraritspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligaegalvalueinanyproceedings.2022202320242025202620270.00.20.40.60.81.01.2RequiredrefiningcapacityPotentialrefiningcapacitybasedonprojectlistmb/dbusiness,finance,investmentconsultantorOilOutlook,theOPECSecretariatmakesnnectionwithorattributabletoanyactionnofgeographicalentitiesintheWorldOilfanycountry,territoryorarea,orofitsormodifyinganylegalobligationsunderanyFigure5.16Netcumulativeregionalrefiningpotentialsurplus/deficitsversusrequirementsmb/dSource:OPEC202220232024202520262027US&Canada-0.52-0.93-0.83-0.67-0.47-0.26-0.52-0.77-0.86-0.91-0.90-0.89Africa-0.060.110.290.250.220.16Europe-0.46-0.56-0.47-0.32-0.120.09Russia&Caspian0.180.230.210.220.260.270.150.530.530.420.310.19China0.180.180.210.310.360.33OtherAsia-1.12-1.57-1.75-1.74-1.55-1.34Global-2.17-2.78-2.67-2.44-1.89-1.44Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesLatinAmericaMiddleEastDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformainvestmentconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.WhilstWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensivordamagearisinginconnectionwithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformTheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanofanycountry,territoryorarea,orofitsauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,laworothertexts;orexpressingany20222023-5-4-3-2-1012mb/dWorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,benchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheacy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossofusingorrelyingontheinformationintheWorldOilOutlook.essarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalnotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusn,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallberothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.202220232024202520262027-5-4-3-2-1012OtherAsiaChinaMiddleEastRussia&CaspianEuropeAfricaLatinAmericaUS&CanadaGlobalmb/diness,finance,containedintheission,orforanylossfgeographicalningthelegalstatusookshallbeFigure5.17Historicalandprojectedglobalrefineryutilization,2019-2027%Source:OPEC201920202021202220232024202520262027Utilizationrates80.1972.7477.0079.8581.5681.6881.6081.3881.16Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaconsultantorotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.WhilstreasonableOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoconnectionwithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOTheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitstheWorldOilOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwterritoryorarea,orofitsauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetrmodifyinganylegalobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingproOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentykind.WhilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,thesiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginnformationintheWorldOilOutlook.lyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesinpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,andutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingorgalopinionsorhavingprobativelegalvalueinanyproceedings.201920202021202220232024202520262027687072747678808284Utilizationrates%finance,investmentWorldOilOutlook,theagearisingingraphicalentitiesinatusofanycountry,dasinterpretingorFigure5.18Globaloildemand,refiningcapacityandcruderuns,1980-2027mb/dSource:OPECEffective‘spare’capacityestimatebasedonassumed84%utilizationrate,accountingforalready-closedcapacity.1980198119821983198419851986Cruderuns58.4655.1953.3552.9554.0853.5155.50Oildemand63.0361.1859.6159.2560.2260.1461.95Distillationcapacity79.3678.3476.5174.1073.2373.0272.71Sparedistillationcapacity[RHS]8.2110.6210.929.307.437.835.58Effectofactualclosures[RHS]Effectofassumedclosures[RHS]Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsandtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.Nothinlaworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.19801982198419861988199019920102030405060708090100110120SparedistillationEffectofassumedOildemanddemand,distillationcapacity&cruderuns,mb/dosedcapacity.198719881989199019911992199319941995199656.6458.6359.7359.5059.5659.6859.9760.9461.6163.1663.3965.2566.3166.6967.1867.5567.7068.7770.0871.5973.3473.3473.8874.3474.3975.4876.6577.7178.3679.524.972.982.332.942.933.724.424.344.223.64OilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsulnableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakessponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordeciilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWornwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthoenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreems.198019821984198619881990199219941996199820002002200420062008201020122014201620182020202220242026051015202530Sparedistillationcapacity[RHS]Effectofactualclosures[RHS]Effectofassumedclosures[RHS]CruderunsOildemandDistillationcapacitynd,distillationy&cruderuns,mb/dsparedistillationcapacity,mb/d199719981999200020012002200320042005200664.6865.8965.9767.7168.0768.1970.0372.3173.3173.5773.8674.1175.7377.5378.0878.8580.6983.8084.7585.2080.3882.4083.1284.6584.4584.8285.7886.4787.5189.442.843.333.863.402.863.062.030.330.201.55,finance,investmentconsultantorotherheOPECSecretariatmakesnowarrantiesutabletoanyactionordecisiontakenasagraphicalentitiesintheWorldOilOutlook,ritoryorarea,orofitsauthorities,orobligationsunderanyagreement,treaty,200720082009201020112012201320142015201673.9574.0072.2773.9875.4676.6377.7378.4480.0579.8386.5086.1084.7087.5888.4289.3991.2992.3694.4195.8890.2490.8092.2692.6992.8592.7993.8595.1996.2197.531.852.275.233.892.541.311.111.520.772.090.871.963.343.634.895.666.41201720182019202020212022202320242025202680.6780.9981.9074.1177.9681.4983.6284.6185.3885.8197.6799.13100.2091.1996.92100.28102.99104.45105.50106.2998.87100.04102.13101.88101.25102.04102.53103.59104.63105.452.383.043.8911.477.094.232.502.412.512.776.797.677.987.987.987.987.987.987.987.981.443.014.285.055.075.395.59202786.21106.93106.233.027.985.59Figure5.19Refineryclosuresbyregion,recentandprojectedmb/dSource:OPEC2020202120222023202420252026US&Canada0.620.400.020.390.000.000.00LatinAmerica0.000.000.000.000.000.060.04Europe0.190.430.480.160.010.260.12Russia&Caspian0.000.000.000.000.000.000.00Africa0.000.110.170.220.000.000.04MiddleEast0.000.000.090.000.000.000.00Asia-Pacific0.630.630.510.000.000.000.00Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformasubstituteforadvicefrombusiness,finance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkorieffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmrelevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylosanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsCountries.ThedesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandothermwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,oroexploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlooksobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvaluein20270.000.000.000.000.000.000.00WorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasameanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoutlook.essarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberresentationofdataandothermaterials,donotimplytheexpressionofanyopinionycountry,territoryorarea,orofitsauthorities,orconcerningtheexploration,hingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalhavingprobativelegalvalueinanyproceedings.202020212022202320242025202620270.00.20.40.60.81.01.21.41.61.8Asia-PacificMiddleEastAfricaRussia&CaspianEuropeLatinAmericaUS&Canadamb/d27Asia-PacificMiddleEastAfricaRussia&CaspianEuropeLatinAmericaUS&CanadaFigure5.20Conversionprojectsbyregion,2022-2027mb/dSource:OPECCoking/VisbreakingFluidcatalyticcrackingHydrocrackingUS&Canada0.05-0.110.05LatinAmerica0.130.050.04Africa0.050.250.31Europe0.040.000.06Russia&Caspian0.150.060.37MiddleEast0.100.110.18China0.200.380.54OtherAsia-Pacific0.170.210.46Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformabeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuretheaccuracyocomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamageTheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitspresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/orirefining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstrprobativelegalvalueinanyproceedings.WorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentnmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresssion,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontecessarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesinthveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orcWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,laworothertexts;or-0.20.00.20.40.60.81.01.2Coking/VisbreakingFluidcatalyticcrackingHydrocrackingmb/dusiness,finance,investmentconsultantorotherprofessional;norismeanttoakesnowarrantiesorrepresentationsastoitsaccuracy,relevanceoresultofusingorrelyingontheinformationintheWorldOilOutlook.ofgeographicalentitiesintheWorldOilOutlook,andtheuseandrea,orofitsauthorities,orconcerningtheexploration,exploitation,reaty,laworothertexts;orexpressinganylegalopinionsorhavingFigure5.21Secondarycapacityrequirementsbyprocesstype,2022-2045mb/dSource:OPECCrudedistillationConversionOctaneunitsDesulphurization2022-20277.283.831.834.372027-20355.632.242.107.322035-20452.631.941.744.08Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccurausingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.Crudedistillation0246810121416182022-20272027-2mb/ddOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsuonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiorilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWooeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,oces.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,laCrudedistillationConversionOctaneunitsDesulphurization2022-20272027-20352035-2045b/ds,finance,investmentconsultantorothertheOPECSecretariatmakesnowarrantiesortabletoanyactionordecisiontakenasaresultofographicalentitiesintheWorldOilOutlook,andtherarea,orofitsauthorities,orconcerningtheeranyagreement,treaty,laworothertexts;orFigure5.22Conversioncapacityrequirementsbyregion,2022-2045mb/dSource:OPEC2022-20272027-20352035-2045US&Canada0.000.370.18LatinAmerica0.210.350.46Africa0.600.480.34Europe0.100.100.05Russia&Caspian0.580.100.11MiddleEast0.400.330.17China1.120.140.23OtherAsia-Pacific0.830.370.40Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccurausingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.0.00.20.40.60.81.01.21.41.61.82022-20272mb/ddOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakeponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,rces.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,l0.00.20.40.60.81.01.21.41.61.82022-20272027-20352035-2045mb/dss,finance,investmentconsultantorothertheOPECSecretariatmakesnowarrantiesortabletoanyactionordecisiontakenasaresultofographicalentitiesintheWorldOilOutlook,andtheorarea,orofitsauthorities,orconcerningthederanyagreement,treaty,laworothertexts;orFigure5.23Desulphurizationcapacityrequirementsbyregion,2022-2045mb/dSource:OPECProjectsandadditionsexcludenaphthadesulphurization.US&CanadaLatinAmericaAfricaEuropeRussia&CaspianMiddleEastChina2022-20270.170.220.660.060.311.370.692027-20350.131.551.090.000.391.720.592035-20450.100.430.370.020.040.840.87Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaotherprofessional;norismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebwarrantiesorrepresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityfodecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsOutlook,andtheuseandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronauthorities,orconcerningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorotherenergyresagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalueinanyproceedings.OtherAsia-Pacific0.861.851.40rldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconlstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariaoliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,oretroleumorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationslueinanyproceedings.0.00.51.01.52.02.53.03.54.04.52022-20272027-20352035-2045mb/dness,finance,investmentconsultantorOutlook,theOPECSecretariatmakesnoonwithorattributabletoanyactionorgeographicalentitiesintheWorldOilycountry,territoryorarea,orofitsmodifyinganylegalobligationsunderanyFigure5.24Desulphurizationcapacityrequirementsbyproductandregion,2022-2045mb/dSource:OPECProjectsandadditionsexcludenaphthadesulphurization.US&CanadaLatinAmericaAfricaEuropeRussia&CaspianGasoline/Naphtha0.050.500.490.020.09Middledistillates0.311.401.110.040.65Vacuumgasoil/residualfuel0.060.280.420.030.06Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensurethaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orfinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECandexploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlooksopinionsorhavingprobativelegalvalueinanyproceedings.MiddleEastChinaOtherAsia-Pacific0.450.670.642.581.293.001.090.150.39orldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconhavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiescuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiontakenasaresultofsarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orngintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,laworothe0.00.51.01.52.02.53.03.54.04.5Gasoline/NaphthaMiddledistillatesVacuumgasoil/residuamb/dusiness,finance,investmentconsultantorotherprofessional;norecretariatmakesnowarrantiesorrepresentationsastoitsordecisiontakenasaresultofusingorrelyingontheofgeographicalentitiesintheWorldOilOutlook,andtheuseorarea,orofitsauthorities,orconcerningtheexploration,agreement,treaty,laworothertexts;orexpressinganylegaltillatesVacuumgasoil/residualfuelFigure5.25Octanecapacityrequirementsbyprocessandregion,2022-2045mb/dSource:OPECUS&CanadaLatinAmericaAfricaEuropeRussia&CaspianMiddleEastReforming0.150.200.560.020.230.73Isomerization0.030.030.100.000.010.15Alkylation0.010.260.150.000.200.22MTBE/ETBE0.000.060.040.040.050.06Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformanorismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuraccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orfinformationintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsandpresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECandexploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlooksopinionsorhavingprobativelegalvalueinanyproceedings.ChinaOtherAsia-Pacific0.900.440.010.080.550.290.020.07orldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconrtshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrancuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiontakenasaresultofsarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orngintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,laworothe0.00.20.40.60.81.01.21.41.6ReformingIsomerizationAlkylationMTBE/ETBEmb/dbusiness,finance,investmentconsultantorotherprofessional;OPECSecretariatmakesnowarrantiesorrepresentationsastoitsonordecisiontakenasaresultofusingorrelyingontheonofgeographicalentitiesintheWorldOilOutlook,andtheuseoryorarea,orofitsauthorities,orconcerningtheexploration,nyagreement,treaty,laworothertexts;orexpressinganylegalMTBE/ETBEFigure5.26Expectedsurplus/deficitofincrementalproductoutputfromexistingrefiningprojects,2022-2027mb/dSource:OPECDecliningproductdemandinsomeregionscontributestothesurplusWorldEuropeGasoline/Naphtha-0.70-0.370.19-0.04-0.32Middledistillates0.060.39-0.130.15-0.17Residualfuel-0.160.00-0.03-0.020.01Otherproducts-0.65-0.270.080.12-0.52Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesUS&CanadaMiddleEastAsia-PacificDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaismeanttobeabenchmarkorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensurethaccuracy,relevanceorcomprehensiveness,andassumesnoliabilityorresponsibilityforanyinaccuracy,errororomission,orfintheWorldOilOutlook.TheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitspresentationofdataandothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oriexploitation,refining,marketingandutilizationofitspetroleumorotherenergyresources.NothingintheWorldOilOutlooksopinionsorhavingprobativelegalvalueinanyproceedings.Otherregions-0.16-0.17-0.11-0.06theWorldOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmeffortshavebeenmadetoensuretheaccuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarnyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributabletoanyactionordecisiontakenasareotnecessarilyreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiestsoeveronthepartofOPECand/oritsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthoritiess.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligationsunderanyagreement,treaty,lawWorldUS&CanadaEuropeMiddleEastAsia-PacificOtherregions-0.8-0.6-0.4-0.20.00.20.40.6Gasoline/NaphthaMiddledistillatesResidualfuelOtherproductsmb/dcefrombusiness,finance,investmentconsultantorotherprofessional;norheOPECSecretariatmakesnowarrantiesorrepresentationsastoitsanyactionordecisiontakenasaresultofusingorrelyingontheinformationesignationofgeographicalentitiesintheWorldOilOutlook,andtheuseandritoryorarea,orofitsauthorities,orconcerningtheexploration,underanyagreement,treaty,laworothertexts;orexpressinganylegalAsia-PacificOtherregionsine/NaphthaMiddledistillatesualfuelOtherproductsFigure5.27Refineryinvestmentsbyregion,2022–2045$(2022)billionSource:OPECExistingprojectsRequiredadditionsMaintenance/CapacityreplacementUS&Canada10.8214.26232.14LatinAmerica13.5937.3385.60Africa29.3441.7727.10Europe4.973.85112.66Russia&Caspian19.7724.28108.16MiddleEast58.6740.5897.01China67.0645.00122.60OtherAsia-Pacific64.3654.12243.02Totalsmaynotaddupduetorounding.©2022OrganizationofthePetroleumExportingCountriesDisclaimer:Thedata,analysisandanyotherinformation(the“information”)containedintheWorldOilOutlookisforinformaorinputdatatoabenchmarkofanykind.Whilstreasonableeffortshavebeenmadetoensuretheaccuracyoftheinformationliabilityorresponsibilityforanyinaccuracy,errororomission,orforanylossordamagearisinginconnectionwithorattributaTheviewsexpressedintheWorldOilOutlookarethoseoftheOPECSecretariatanddonotnecessarilyreflecttheviewsofitsothermaterials,donotimplytheexpressionofanyopinionwhatsoeveronthepartofOPECand/oritsMemberCountriesconorotherenergyresources.NothingintheWorldOilOutlookshallbeconstruedasinterpretingormodifyinganylegalobligatioOilOutlookisforinformationalpurposesonlyandisneitherintendedasasubstituteforadvicefrombusiness,finance,investmentconsultcuracyoftheinformationcontainedintheWorldOilOutlook,theOPECSecretariatmakesnowarrantiesorrepresentationsastoitsaccurnectionwithorattributabletoanyactionordecisiontakenasaresultofusingorrelyingontheinformationintheWorldOilOutlook.yreflecttheviewsofitsgoverningbodiesand/orindividualOPECMemberCountries.ThedesignationofgeographicalentitiesintheWorlsMemberCountriesconcerningthelegalstatusofanycountry,territoryorarea,orofitsauthorities,orconcerningtheexploration,explodifyinganylegalobligationsunderanyagreement,treaty,laworothertexts;orexpressinganylegalopinionsorhavingprobativelegalvalu050100150200250300350400ExistingprojectsRequiredadditionsMaintenance/Capacityreplacement$(2022)billionfinance,investmentconsultantorotherprofessional;norismeanttobeabenchmarkpresentationsastoitsaccuracy,relevanceorcomprehensiveness,andassumesnotheWorldOilOutlook.raphicalentitiesintheWorldOilOutlook,andtheuseandpresentationofdataandrningtheexploration,exploitation,refining,marketingandutilizationofitspetroleumorhavingprobativelegalvalueinanyproceedings.