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FINANCIAL NEWS
Arab refining production up 633,000 bpd since 2006: OAPEC
04 Jul 2011
(MENAFN) The Organization of Arab Petroleum Exporting Countries (OAPEC) said that over the past four years, Arab refineries enhanced their output by around 633,000 barrels per day (bpd), reported Emirates 24/7.
OAPEC added that the raise came due to the growing domestic and external demand which pushed the countries to increase projects that would boost capacity; moreover, the Arab refining production at the end of last year rose to 7.833 million bpd compared with 7.2 million bpd at the end of 2006.
It also said that in the coming years, refining capacity in the Middle East would be expected to rise sharply since many of the region’s countries were executing projects to expand existing units and establish new refineries mainly to meet a steady increase in domestic demand.
It is worth noting that within the next five years, the new refining projects in the Arab world would add nearly five million bpd to the current production. They will cost at least USD100 billion, and would increase production to 12.425 million bpd by the end of 2014 from 7.4 million bpd in 2008.
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