China’s oil refinery throughput rose 17.4% on year in July to hit third-highest on record – official data
COMMODITIES DATA
China’s oil refinery throughput rose 17.4% on year in July to hit third-highest on record – official data
COMMODITIES DATA

China’s oil refinery throughput rose 17.4% on year in July to hit third-highest on record – official data

 

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China’s oil refinery throughput rose 17.4% in July from a year earlier to 63.13 million tonnes, according to data released by the National Bureau of Statistics, marking the third-highest on record, only marginally below the record of 14.90 million bpd in March.

That’s equivalent to 14.87 million barrels per day (bpd), up from a low base of 12.5 million bpd a year earlier when refiners cut back runs as the country faced COVID-19 lockdowns and up slightly from the 14.83 million bpd of oil processed in June.

That came after refiners kept output elevated to meet demand for domestic summer travel and to cash in on high regional profit margins by exporting fuel. State-owned refineries raised their processing rates in July to an average of 78%-82%, up 2-3 percentage points from June, according to consultancy Zhuochuang.