Downstream petroleum—refining crude into fuels and then marketing and retailing those products—affects costs, prices, and availability for households and businesses. This page follows market performance behind revenue and earnings, including gasoline, diesel, jet fuel, and clean products, plus the operating conditions that shift margins and cracks. You’ll also see environmental and resource signals such as CO2, air emissions, and water intensity, alongside infrastructure like retail networks and refinery utilization.
Key Takeaways
- In 2023, global downstream revenue reached $2.1 trillion, refining margins $12/bbl average
- ExxonMobil downstream earnings $8.6 billion in 2023, up 150% YoY on cracks
- US refining EBITDA averaged $15/bbl in 2023, PADD 3 highest at $18/bbl
- In 2023, global refinery CO2 emissions totaled 1.2 billion tons, 7% of energy sector
- US refineries emitted 180 million mt CO2 in 2023, Gulf Coast 65% share
- Europe's refineries reduced SOx emissions 90% since 2005 to 0.5 million tons in 2023 via desulfurization
- In 2023, global petroleum product trade volume was 2.1 billion tons, clean products 70%
- US gasoline retail sales reached 135 billion gallons in 2023, average price $3.52/gal
- China's downstream retail network expanded to 150,000 stations in 2023, Sinopec 30% market share
- In 2023, global gasoline demand reached 26.1 million bpd, up 2.5% YoY led by Asia
- US motor gasoline consumption averaged 8.9 million bpd in 2023, down 1% from 2022
- China's diesel demand fell 5% to 4.2 million bpd in 2023 due to EV shift
- In 2023, global gasoline production from refineries totaled 26.5 million bpd, with US output at 9.8 million bpd leading OECD
- Diesel and gasoil output worldwide reached 32.1 million bpd in 2023, Asia consuming 55% of total
- US jet fuel production averaged 1.6 million bpd in 2023, recovering 85% from pre-COVID levels
In 2023, downstream profits surged alongside higher refining margins, while emissions fell and product demand shifted in Asia.
Related reading
01 · Category
Economic Financial22 stats
01
In 2023, global downstream revenue reached $2.1 trillion, refining margins $12/bbl average
02
ExxonMobil downstream earnings $8.6 billion in 2023, up 150% YoY on cracks
03
US refining EBITDA averaged $15/bbl in 2023, PADD 3 highest at $18/bbl
04
TotalEnergies marketing & refining profit €19 billion in 2023, retail strong
05
Global downstream capex $120 billion in 2023, 40% maintenance 30% petrochemicals
06
Reliance Industries refining EBITDA ₹1.2 lakh crore in FY2023, Jamnagar key
07
Chevron downstream earnings $7.1 billion in 2023, gasoline cracks $0.25/gal
08
BP fuels & lubes profit $17.4 billion in 2023, trading $3.8 billion
09
Global 3-2-1 crack spread averaged $28/bbl in 2023, diesel premium $15/bbl
10
Shell downstream earnings $19 billion in 2023, marketing $2.4 billion
11
Phillips 66 refining profit $4.2 billion in 2023, utilization 92%
12
Saudi Aramco downstream revenue SAR 400 billion in 2023, margins 25%
13
Valero Energy downstream EBITDA $10.5 billion in 2023, renewable diesel boost
14
Global retail fuel margins averaged 15 cents/gal in 2023 OECD countries
15
Marathon Petroleum refining income $12.3 billion in 2023
16
PetroChina refining profit CNY 85 billion in 2023, throughput record
17
Global downstream ROCE 18% in 2023 top quartile
18
Sinopec sales revenue CNY 3.2 trillion in 2023, refining 40%
19
US independent refiner debt/EBITDA 1.2x average 2023
20
Global trading profits $50 billion in 2023 downstream majors
21
Indian Oil Corp refining EBITDA ₹45,000 crore FY2023
22
Europe's downstream losses narrowed to €5 billion in 2023 from €30 billion 2022
02 · Category
Environmental Regulatory24 stats
01
In 2023, global refinery CO2 emissions totaled 1.2 billion tons, 7% of energy sector
02
US refineries emitted 180 million mt CO2 in 2023, Gulf Coast 65% share
03
Europe's refineries reduced SOx emissions 90% since 2005 to 0.5 million tons in 2023 via desulfurization
04
Global refinery water usage averaged 0.4 barrels per barrel crude processed in 2023
05
China refineries installed 2.5 GW carbon capture capacity by 2023, capturing 1 mt CO2
06
US hydrocracker NOx emissions regulated below 20 ppm under NSPS 2020, 95% compliance in 2023
07
Global ultra-low sulfur diesel (10 ppm) penetration reached 85% in 2023 IMO compliant
08
India's refineries achieved 95% BS-VI compliance by 2023, sulfur <10 ppm
09
Saudi refineries flared 0.5% of throughput in 2023, zero routine flaring goal by 2030
10
Global refinery wastewater treatment recovery rate 92% in 2023 advanced facilities
11
EU ETS covered 90% refinery emissions in 2023, carbon price €85/ton
12
US benzene emissions from refineries down 70% to 1,200 tons in 2023
13
Brazil biofuels blending mandate reached 15% B15 diesel in 2023
14
Global refinery particulate matter emissions reduced 40% since 2015 to 2023
15
Japan's refineries VOC emissions below 50 tons/site in 2023 under PRTR law
16
California's CARB low-carbon fuel standard scored refineries average 10 gCO2e/MJ gasoline 2023
17
Global CCUS projects in downstream captured 45 mt CO2 in 2023, Quest leading
18
Singapore refineries zero liquid discharge achieved by 2023, 100% water recycle
19
Russia's refineries Euro-5 compliance 98% in 2023, sulfur <10 ppm
20
Global marine fuel sulfur cap 0.5% achieved 99% compliance 2023
21
Australia's refineries biodiesel blend 6% B6 in 2023
22
Iran's flare gas recovery 85% in major refineries 2023
23
EU renewable diesel production hit 5 million tons in 2023, HVO dominant
24
Global refinery energy intensity improved to 85 kreBtu/bbl in 2023 best performers
Interpretation
Environmental Regulatory Interpretation
Under environmental regulation, the sector is clearly tightening its emissions controls with major reductions and compliance gains, as shown by Europe cutting refinery SOx emissions 90% since 2005 to just 0.5 million tons in 2023 and US hydrocracker NOx emissions staying below 20 ppm under NSPS 2020 with 95% compliance in 2023.
03 · Category
Market Sales22 stats
01
In 2023, global petroleum product trade volume was 2.1 billion tons, clean products 70%
02
US gasoline retail sales reached 135 billion gallons in 2023, average price $3.52/gal
03
China's downstream retail network expanded to 150,000 stations in 2023, Sinopec 30% market share
04
Europe wholesale diesel crack spread averaged €25/ton in 2023
05
Global bunker fuel sales hit 210 million tons in 2023, VLSFO 85% share
06
India's retail fuel sales grew 8% to 223 million tons in FY2023
07
Saudi Aramco retail fuel margins improved 15% in 2023, 8,000 stations
08
US convenience store fuel sales $450 billion in 2023, 80% gasoline
09
Global aviation fuel sales $120 billion in 2023, jet cracks $30/bbl average
10
Brazil gasoline retail price averaged R$5.50/liter in 2023, Petrobras market share 60%
11
Russia's fuel retail sales stable, average gasoline price 55 RUB/liter in 2023
12
Global LPG retail market valued at $80 billion in 2023, autogas 45%
13
Japan average gasoline retail price ¥170/liter in 2023, ENEOS 50% share
14
Europe's retail diesel sales down 5% to 250 million tons in 2023
15
Singapore gasoline retail sales 3.2 billion liters in 2023, price $2.50/liter
16
US diesel retail average $4.20/gal in 2023, truck stops 40% volume
17
China's aviation kerosene sales up 25% to 40 million tons in 2023
18
Global petrochemicals sales from downstream $500 billion in 2023
19
Australia fuel retail sales $40 billion AUD in 2023, imports 90%
20
Iran's subsidized gasoline sales 80 million liters/day in 2023, price 3,000 IRR/liter
21
Global marine fuel sales prices averaged $650/mt VLSFO in 2023
22
Mexico Pemex retail stations 13,000 in 2023, 55% market share gasoline
Interpretation
Market Sales Interpretation
In 2023, market sales in downstream petroleum were dominated by large-scale volumes and retail expansion, with global petroleum product trade at 2.1 billion tons and global bunker fuel sales reaching 210 million tons where VLSFO held an 85% share.
More related reading
04 · Category
Product Demand23 stats
01
In 2023, global gasoline demand reached 26.1 million bpd, up 2.5% YoY led by Asia
02
US motor gasoline consumption averaged 8.9 million bpd in 2023, down 1% from 2022
03
China's diesel demand fell 5% to 4.2 million bpd in 2023 due to EV shift
04
Europe road diesel demand declined to 11.2 million bpd in 2023, biofuels blending at 8%
05
Global jet fuel demand rebounded to 7.8 million bpd in 2023, 92% of 2019 levels
06
India's total petroleum product consumption hit 5.3 million bpd in FY2023, diesel 60%
07
Middle East gasoline demand grew 4% to 3.1 million bpd in 2023
08
Brazil diesel demand reached 2.1 million bpd in 2023, up 3% with biodiesel B15 mandate
09
Global LPG demand increased to 12.8 million bpd in 2023, petrochemicals 40%
10
US distillate demand averaged 4.0 million bpd in 2023, heating oil down 10%
11
Russia's domestic gasoline consumption stable at 1.0 million bpd in 2023
12
Global fuel oil demand dropped to 6.2 million bpd in 2023, marine bunkers 65%
13
Japan gasoline demand fell 4.5% to 2.2 million bpd in 2023 amid efficiency gains
14
Europe's aviation fuel demand up 15% to 2.1 million bpd in 2023
15
Global petrochemical demand drove 20 million bpd oil equivalent in 2023
16
Singapore fuel oil imports for bunkering hit 50 million tons in 2023
17
US propane demand reached 2.5 million bpd in 2023, exports to Asia key
18
China's LPG demand surged 12% to 1.8 million bpd in 2023
19
Global asphalt demand grew to 4.5 million bpd in 2023, infrastructure boom
20
Iran's diesel consumption averaged 80 million liters/day in 2023
21
Australia petrol demand stable at 13 million liters/day in 2023
22
Global middle distillate demand peaked at 35 million bpd in 2023
23
Mexico gasoline demand at 0.8 million bpd in 2023, imports covering 60%
Interpretation
Product Demand Interpretation
Product demand in downstream petroleum is clearly reshaping in 2023 as fuel demand shifts by region, with global gasoline reaching 26.1 million bpd up 2.5% YoY while China’s diesel drops 5% to 4.2 million bpd on an EV-driven decline.
05 · Category
Product Output26 stats
01
In 2023, global gasoline production from refineries totaled 26.5 million bpd, with US output at 9.8 million bpd leading OECD
02
Diesel and gasoil output worldwide reached 32.1 million bpd in 2023, Asia consuming 55% of total
03
US jet fuel production averaged 1.6 million bpd in 2023, recovering 85% from pre-COVID levels
04
China's clean product output hit 13.2 million bpd in 2023, gasoline up 7%
05
Europe produced 12.4 million bpd of middle distillates in 2023, down 2% due to capacity rationalization
06
Global petrochemical feedstock output from refineries was 18.7 million bpd in 2023, naphtha dominant at 60%
07
India's diesel production reached 1.9 million bpd in FY2023, 82% of total output
08
Saudi Arabia's gasoline output grew to 1.1 million bpd in 2023, supported by SATORP expansion
09
Global fuel oil production declined to 6.8 million bpd in 2023, IMO 2020 effects persisting
10
US propane/propylene output from refineries averaged 1.2 million bpd in 2023
11
Russia's refined product exports hit 5.2 million bpd in 2023, diesel 2.1 million bpd despite sanctions
12
Global asphalt production was 4.3 million bpd in 2023, North America 1.2 million bpd
13
Middle East gasoline demand met by 4.5 million bpd local production in 2023
14
Brazil's gasoline output increased 15% to 1.1 million bpd in 2023 post-refinery upgrades
15
Europe's jet/kerosene production at 1.9 million bpd in 2023, up 12% YoY
16
Global LPG production from refineries reached 11.5 million bpd in 2023, US exporting 4.2 million bpd
17
Japan's diesel output stable at 2.1 million bpd in 2023 despite capacity cuts
18
Global light ends yield averaged 28% of crude input in 2023 complex refineries
19
Singapore clean product exports totaled 22 million mt in 2023, gasoline 45%
20
US distillate fuel oil production hit 4.9 million bpd record in Nov 2023
21
China's jet fuel output grew 22% to 0.9 million bpd in 2023
22
Global bitumen output up 3% to 105 million tons in 2023
23
Iran's gasoline production averaged 102 million liters/day in 2023
24
Australia's import-dependent gasoline supply averaged 12 million liters/day in 2023 post-refinery closures
25
Global middle distillate yields peaked at 42% in modern refineries 2023
26
Mexico produced 0.4 million bpd gasoline in 2023, 70% from new Dos Bocas
Interpretation
Product Output Interpretation
Product output signals a clear demand and trade shift in 2023, with diesel and gasoil reaching 32.1 million bpd worldwide while Asia consumes 55% and gasoline remains concentrated with the US at 9.8 million bpd in a global 26.5 million bpd refinery total.
06 · Category
Refining Capacity30 stats
01
In 2023, global downstream refining capacity stood at 103.2 million barrels per day (bpd), with Asia-Pacific region holding 47.1 million bpd or 45.6% of the total
02
US refining capacity in 2022 was 18.38 million bpd, operating at 89% utilization rate during Q4, producing 16.4 million bpd of refined products
03
China's refining throughput reached 14.8 million bpd in 2023, up 8.2% from 2022, driven by independent refiners in Shandong province
04
Europe's refining capacity declined to 15.9 million bpd by end-2023, with closures like Shell's 220,000 bpd Rotterdam refinery contributing
05
India's refining capacity expanded to 5.5 million bpd in 2023, with Reliance Jamnagar complex at 1.24 million bpd being the world's largest single-site refinery
06
Middle East refining capacity grew to 9.8 million bpd in 2023, Saudi Arabia leading with 3.4 million bpd including new Jubail projects
07
Russia's primary distillation capacity was 5.7 million bpd in 2023, impacted by sanctions reducing complexity index to 5.8
08
Global complex refinery projects under construction totaled 4.2 million bpd as of 2024, mainly in Asia with Nelson Complexity Index above 10
09
US Gulf Coast PADD 3 refining capacity hit 9.7 million bpd in 2022, with 92% utilization yielding high diesel output
10
South Korea's refining capacity remained at 3.1 million bpd in 2023, GS Caltex Ulsan at 840,000 bpd leading with advanced hydrocracking
11
Brazil's refining capacity increased to 2.4 million bpd in 2023 post-Comperj startup at 165,000 bpd
12
Global vacuum distillation capacity reached 52 million bpd in 2023, essential for heavy oil processing
13
Singapore's refining throughput averaged 1.4 million bpd in 2023, hub for clean product exports
14
Mexico's refining capacity utilization was 42% in 2023, with Dos Bocas at 340,000 bpd partially operational
15
Australia's refining capacity dropped to 1.1 million bpd after BP Kwinana closure
16
Iran's refining capacity exceeded 2.2 million bpd in 2023 despite sanctions, with Persian Gulf Star at 360,000 bpd
17
Vietnam's Nghi Son refinery operated at 200,000 bpd in 2023, 83% utilization post-debt restructuring
18
Global coking capacity stood at 8.5 million bpd in 2023, US leading with 30% share
19
Japan's refining capacity contracted to 3.5 million bpd in 2023, with Idemitsu's Hokkaido closure
20
UAE's Ruwais refinery expanded to 860,000 bpd in 2023, highest Nelson Complexity of 12.5
21
Nigeria's Dangote refinery started at 650,000 bpd in 2024, boosting capacity to 710,000 bpd total
22
Canada's refining capacity was 1.9 million bpd in 2023, Irving upgrader at 320,000 bpd key for dilbit
23
Global hydrocracking capacity grew to 12.4 million bpd in 2023, Asia adding 1.2 million bpd
24
Thailand's refining capacity at 1.3 million bpd in 2023, Sriracha complex at 175,000 bpd modernized
25
Venezuela's Paraguaná refining complex nameplate 940,000 bpd but averaged 200,000 bpd in 2023
26
Global FCC capacity was 7.9 million bpd in 2023, US with 2.8 million bpd dominant
27
Indonesia's Balikpapan refinery upgraded to 260,000 bpd in 2023
28
Kuwait's Al-Zour refinery reached full 615,000 bpd in 2023, complexity 10.5
29
Global alkylation capacity at 2.7 million bpd in 2023, Europe 25% share
30
Egypt's MIDOR refinery expanded to 160,000 bpd in 2023
Interpretation
Refining Capacity Interpretation
In the refining capacity category, global capacity reached 103.2 million bpd in 2023 led largely by Asia Pacific at 47.1 million bpd and supported by major national expansions such as China’s 14.8 million bpd throughput and India’s 5.5 million bpd capacity growth.
Reference
Cite This Report
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APA
David Sutherland. (2026, February 13). Downstream Petroleum Industry Statistics. Gitnux. https://gitnux.org/downstream-petroleum-industry-statistics
MLA
David Sutherland. "Downstream Petroleum Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/downstream-petroleum-industry-statistics.
Chicago
David Sutherland. 2026. "Downstream Petroleum Industry Statistics." Gitnux. https://gitnux.org/downstream-petroleum-industry-statistics.
Sources & references
94 datasets cited across this report · attribution is report-level