US refineries are operating at capacity limits US refineries have been operating at higher than usual utilization this year, with an average capacity utilization of more than 95% between May and September, the highest in those months since 1998. Limited global supply of petroleum products this year raised the profitability of petroleum products, especially diesel, and led to an increase in production volumes. Oil refining volumes this year were driven primarily by tight global diesel supplies, which led to strong international demand for US diesel exports. Although refinery utilization reached its highest level since 1998, overall output was only the highest since 2019, as oil refining capacity fell 4% since then.

US refineries are operating at capacity limits US refineries have been operating at higher than usual utilization this year, with an average capacity utilization of more than 95% between May and September, the highest in those months since 1998. Limited global supply of petroleum products this year raised the profitability of petroleum products, especially diesel, and led to an increase in production volumes. Oil refining volumes this year were driven primarily by tight global diesel supplies, which led to strong international demand for US diesel exports. Although refinery utilization reached its highest level since 1998, overall output was only the highest since 2019, as oil refining capacity fell 4% since then.