TEHRAN - Iran has become the second-largest oil refiner among OPEC member states, with a daily refining capacity of 2.237 million barrels — accounting for 16 percent of OPEC’s total and 2.1 percent of global refining capacity, according to the latest OPEC Annual Statistical Bulletin.

The 60th edition of the bulletin, released last week by the OPEC Secretariat, highlights the refining capacities of member states as of 2024. The combined refining capacity of OPEC countries last year stood at 14.139 million barrels per day (bpd), while global capacity reached 103.769 million bpd.

These figures indicate that OPEC countries held 13.6 percent of the world’s refining capacity in 2024. Globally, refining capacity increased by 1 percent year-on-year, while OPEC's capacity grew by 0.5 percent.

Saudi Arabia topped the list among OPEC members with a daily refining capacity of 3.291 million barrels, representing more than 23 percent of the organization's total. Iran followed in second place with its 2.237 million bpd capacity, capturing roughly 16 percent of OPEC’s share and 2.1 percent of global capacity.

Iran’s position is notable considering that it ranks third in crude oil production within OPEC, behind Saudi Arabia and Iraq. However, thanks to its advanced refining infrastructure, Iran processes around 69 percent of its crude domestically into high-value petroleum products — a strategy that not only curbs crude exports but also meets internal demand. In contrast, Saudi Arabia refines 39 percent of its output, while Iraq refines just over 30 percent.

EF/MA