In 2023, with the world largely recovering from the effects of the COVID-19 pandemic and the economic situation gradually improving, oil demand picked up. The global refining industry accelerated the recovery and ushered in a new round of refining capacity growth period. Processing revenues of major global refining centers have fallen back from a high level, but still maintain a healthy level. In 2024, with high inflationary pressure easing in major economies in Europe and the US and relatively loose monetary policy of the Federal Reserve, the global macro environment is generally better than that of 2023, and oil demand is expected to continue to grow, pushing global refining capacity to further rise. However, under the situation of persistently high interest rates, recurring inflation in the US and intensifying geopolitical conflicts, the global economy is experiencing a lack of growth momentum and increased uncertainty, resulting in a slight decline in gross refining margins. In the medium to long term, with the acceleration of the global transition to cleaner energy, coupled with the widespread application of electric vehicles, the continuous improvement of energy efficiency and the development of new technologies, the future global demand for oil may gradually reach its peak. As a result, the growth rate of global refining capacity will slow down in the future, and the center of gravity of the refining industry will continue to shift eastward.