• 4 minutes Trump has changed into a World Leader
  • 7 minutes China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 8 minutes Indonesia Stands Up to China. Will Japan Help?
  • 10 minutes US Shale: Technology
  • 13 minutes Which emissions are worse?: Cows vs. Keystone Pipeline
  • 14 minutes What's the Endgame Here?
  • 17 minutes Shale Oil Fiasco
  • 3 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 39 mins Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 2 hours Might be Time for NG Producers to Find New Career
  • 3 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 18 hours Beijing Must Face Reality That Taiwan is Independent
  • 3 hours Phase One trade deal, for China it is all about technology war
  • 54 mins Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 2 hours Wind Turbine Blades Not Recyclable
  • 3 hours Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 2 hours Denmark gets 47% of its electricity from wind in 2019
Alt Text

Oil Is The Only Way Back Up For Venezuela

Venezuela’s economic and humanitarian crisis…

Alt Text

Massive Oil Product Build Sends Prices Lower

A surprise draw in crude…

Alt Text

Why Russia Should Exit The OPEC+ Deal

Russia isn't nearly benefiting as…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Chinese Refineries Near All-Time Throughput Record In June

Chinese refineries processed 11.21 million bpd of crude oil last month, up 2.3 percent on the year and the second-highest daily processing rate on record, Reuters reported, citing data from the country’s National Bureau of Statistics. The highest daily rate was hit last December, when refineries processed 11.26 million bpd.

The increase came on the back of new import quotas that Beijing awarded to independent refineries, commonly known as teapots. The throughput of state-owned refineries in June stayed relatively unchanged from last year. An Energy Aspects analyst, Nevyn Nah, commented that the June throughput figures were impressive in the context of continuing maintenance.

Now China’s refiners are preparing for a cut in fuel and other oil products output in the third quarter, which is also part of the reason for the increase. Over the first half of the year, Chinese refiners processed about 11.1 million bpd of crude, up 3 percent on the first six months of 2016.

China imported 8.79 million barrels of crude daily last month, up 17.9 percent on an annual basis, though 2.9 percent less than the May daily import rate. The strong figures provided much needed support for international prices, as domestic oil production continued declining while demand remained healthy thanks to oil prices remaining below US$50 a barrel, and according to one analyst from Sanford C. Bernstein, to an increase in the sales of SUVs. Related: Shell Nigeria Declares Force Majeure On Nigerian Light Oil Exports

The latest refinery throughput figures pushed international prices up today, aiding a smaller than expected number of new rig additions in the U.S., as reported by Baker Hughes on Friday, and a substantial inventory draw reported by the Energy Information Administration last Wednesday. U.S. inventories fell by 7.6 million barrels in the week to July 7, with the total slipping below 500 million barrels for the first time in quite a while.

At 11:30 AM CST, WTI was trading at US$46.19 a barrel, with Brent crude at US$48.64 a barrel.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play