• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 2 hours Could oil demand collapse rapidly? Yup, sure could.
  • 19 hours Are EVs Safer Than Combustion Engine Vehicles?
  • 2 hours U.S. Withdraws From U.N. Human Rights Council
  • 2 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 15 hours What If Canada Had Wind and Not Oilsands?
  • 2 hours North Korea, China Discuss 'True Peace', Denuclearization
  • 3 hours Gazprom Exports to EU Hit Record
  • 21 hours Sell out now or hold on?
  • 8 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 hours EVs Could Help Coal Demand
  • 5 hours WE Solutions plans to print cars
  • 22 hours Nopec Sherman act legislation
  • 21 hours Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 10 hours Lloyd's of London excludes coal
  • 16 hours Oil and Trade War
  • 17 hours Australia mulls LNG import
Alt Text

Oil Demand Growth Could Start To Soften Soon

Non-OECD markets are one of…

Alt Text

Canada Bets On Trans Mountain Expansion To Sell Oil In Asia

Due to congested takeaway capacity…

Alt Text

Venezuela’s Oil Meltdown Defies Belief

As Venezuela’s oil production continues…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Chinese Refineries Near All-Time Throughput Record In June

Refineries

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:


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News