Strategies for structural transformation and low-carbon development of the global oil refining industry in the context of the energy transition

The purpose of the research. In the macroeconomic context of the transformation of the global energy structure and the promotion of a carbon neutrality strategy, the oil refining industry, as a key component of the oil supply chain, continues to develop steadily. The structure of global oil refining and chemical production capacities will undergo significant changes in 2023. The Middle East region will lead the expansion of global industry with new production facilities. At the same time, the scale of global oil refining capacity withdrawal will be significantly reduced compared to previous years. The efficiency of the industry continued to improve, and the level of plant operation continued to increase throughout the year, which contributed to a steady increase in refined oil production. It is worth noting that due to the dual impact of regional geopolitical fluctuations and a profound restructuring of the industrial structure, traditional consumer markets in Europe and the United States have gradually increased their production capacities. Despite the fact that the profitability level of the industry has recovered after a record "golden age" in 2022, the total profit margin of the refinery is still in a historically high range and has entered the "silver stage of development".