Asia Pacific product market strategic planning outlook

Asia Pacific’s oil demand growth is expected to slow and peak by 2030 with the rapid acceleration of electrification in the car fleet. In the long-term, the growth of the petrochemical sector continues to drive demand. As such, Asia Pacific faces a dual challenge of addressing its shortages of LPG and naphtha while dealing with surplus gasoline and middle distillates in China and North Asia. Net capacity additions in Asia Pacific will continue as total refining capacity peaks towards the mid-2030s.