• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 10 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 3 days Hopes Are Dashed For International Oil Companies In North Iraq
  • 1 day The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 12 hours "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 4 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 20 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 days The Federal Reserve and Money...Aspects which are not widely known
Are Oil Prices Set For A Comeback?

Are Oil Prices Set For A Comeback?

Crude prices have fallen significantly…

Clean Energy Stocks Are Shining

Clean Energy Stocks Are Shining

The recently approved climate bill…

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

China Looks To Surpass The U.S. As The World’s Biggest Oil Refiner

China is about to become the country that possesses the most refining capacity in the world due to closures of refineries in the current number-one refiner, the United States.

“China is going to put another million barrels a day or more on the table in the next few years,” Steve Sawyer, director of refining at energy industry consultancy Facts Global Energy, told Bloomberg in an interview. “China will overtake the U.S. probably in the next year or two.”

Indeed, China has 1.4 million bpd in new refining capacity under construction. This amount, distributed among four refinery projects, will add to more than 1 million bpd in new capacity already added since last year. This means billions of dollars spent on refining capacity that may never come to be used as China works to shift to a more renewable energy mix and EV dominance.

Despite worries that this capacity will end up unused, especially with oil demand likely to stop growing in the observable future, China recently gave the go-ahead to yet another refining project: the Yulong refinery and petrochemicals complex in Shandong, the center of China’s independent refining industry. With a capacity of 400,000 bpd, the Yulong facility will cost some $20 billion.

Meanwhile, India is also building its domestic refining capacity. Over the next five years, the country plans to increase its current capacity twofold, Prime Minister Narendra Modi said on Saturday.

Currently, India has a refining capacity of 250 million tons, or a little more than 5 million bpd, based on a conversion factor of 7.33 barrels per metric ton of oil. Earlier plans envisaged this to be increased to 450-500 million tons over the next ten years. Now, the timeline has been squeezed tighter. Modi did not go into details as to why the move was necessary.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on November 23 2020 said:
    This is a huge vote of confidence in the continued future oil demand and the need for refined products for the global transport system and petrochemicals from the world’s largest importer of crude oil imports and soon to be the world’s largest consumer of oil. It repudiates any flippant talk about the approach of peak oil demand.

    Few years ago China’s economy overtook the United States’ to become the world’s largest based on purchasing power parity (PPP) and in 2013 China overtook the United States to become the world’s largest importer of crude oil. China’s GDP in 2020 at $29.5 trillion is almost 38% bigger than the United States’ at $21.44 trillion. In 2-3 years from now, China’s refining capacity is projected to overtake the United States’ as well.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News