China Refinery Throughput Falls For First Time In 10 Years
07.18.2022 - NEWS

July 18, 2022 [Oilprice.com] – Chinese refineries’ throughput fell for the first time in more than a decade during the first half of the year, by 6 percent to 13.4 million bpd.

 

In June alone, processing rates were higher than in May, but some 10 percent lower than the all-time high reached last year in June, Reuters said in a report citing official data.

Oil imports also fell in June, according to data from energy analytics firm OilX—by 1.6 million bpd to 9.2 million bpd.

On an annual basis, OilX analysts noted, the June average was about 1 million bpd lower than what China imported in crude oil in June 2021. They noted, however, that despite the recent series of lockdowns because of Covid flare-ups, China’s oil imports were remarkably stable over the past few months.

Chinese oil production rose during the first half of the year, by 4 percent from a year ago, with the daily average at 4.15 million bpd. In June, domestic output hit an all-time high of 4.18 million bpd.

Refinery runs have suffered from Covid restrictions since the start of the year as Beijing maintained its zero-Covid policy and by fuel export restrictions the government has imposed on refiners.

The Covid restrictions have also dampened domestic demand for fuels, but analysts expect a pick-up in refinery runs in the current quarter as the government considers making amendments to its Covid policy and steps up infrastructure spending to boost economic growth. Gasoline and jet fuel demand were the worst affected by the Covid restrictions.

According to an earlier Reuters report, Beijing plans to set up a $75-billion infrastructure spending fund to stimulate growth. China booked GDP growth of 0.4 percent for the second quarter of the year, far below analyst expectations because of the worst outbreak of Covid since 2020 in the country.

Pro Trial: Access 10,390 Tank Terminal and Production Facilities

10,390 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

PNOC Seeks Creation of Strategic Petroleum Reserves
08.12.2022 - NEWS
August 12, 2022 [ The Philippine Star Global ] – State-run Philippine National Oil Co. (PNOC) w... Read More
Egypt to Double Oil Storage Capacity at Al-Hamra Port In 3 Years: Asharq
08.12.2022 - NEWS
August 12, 2022 [ Arab News ] – Egypt is working to double the oil storage capacity at Al-Hamra... Read More
Gulf Unit Invests
08.12.2022 - NEWS
August 12, 2022 [ Bangkokpost ] – Gulf International Investment (Hong Kong) Ltd (Gulf HK), a wh... Read More
Exlusive Uniper Could Swap Australian LNG for Atlantic Gas to Supply Europe Quicker
08.12.2022 - NEWS
August 12, 2022 [ Reuters ] – Germany’s Uniper is prepared to swap liquefied natural gas ... Read More