• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 1 hour Joe Biden's Presidency
  • 12 hours The Debate Starts : Remake Republican Party vs. Third Party
  • 5 hours Biden's National Security Director vows to release report on Kashoggi murder. Is it time to add to Brent futures long position ?
  • 16 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 2 hours An exciting development in EV Aviation: Volocopter
  • 1 hour A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 19 hours https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 2 hours JACK MA versus Xi Jinping
  • 16 hours Did I Miss Something?
  • 17 hours Investments worthy in versatile and clean natural gas
Investors Growing More Bullish On Oil

Investors Growing More Bullish On Oil

Investors are becoming increasingly bullish…

Oil Majors Win Big As LNG Prices Soar

Oil Majors Win Big As LNG Prices Soar

Spiking natural gas prices in…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

China’s Refineries Hit New All-Time Operating Record

Chinese crude oil throughput hit a new record in June as two new large refineries started up, driving processing rates higher, according to official data from China released on Monday.

Last month, Chinese refineries increased crude throughput by 7.7 percent year on year, to around 13.07 million bpd, Reuters calculations in barrels from data provided in tons by China’s National Bureau of Statistics (NBS) showed.

The start-up of two major new private refineries, each with 400,000-bpd processing capacity, helped Chinese refinery throughput jump to a record high, beating the previous record from April, when independent refiners helped processing volumes to rise to 12.68 million bpd.

Going forward, however, Chinese crude throughput is not expected to break the new record from June at least in the next few months, as there would be extended shutdowns amid high diesel and gasoline inventories and weak domestic fuel demand, Wang Zhao, an analyst with local consultancy Sublime Information Co, told Reuters.

Thanks to demand from the start-up of the two major refineries, Chinese crude oil imports in June also increased, by 1.7 percent from May, and by 15.2 percent from June last year.

China’s crude oil imports in June averaged 9.63 million bpd, up from the average of 9.47 million bpd in imports in May, and a 15.2-percent increase from 8.36 million bpd in June last year, according to Reuters calculations in barrels from data in tons provided by the Chinese General Administration of Customs.

Despite weaker refining margins and a glut of refined oil products, demand for crude in China increased last month thanks to Hengli Petrochemical, which had a new refinery start up earlier this year and ramped up to full 400,000-bpd capacity at the end of May. Another 400,000-bpd refinery, of Zhejiang Petrochemical, began trial runs, further pushing demand for crude.

Some Chinese refiners, however, are curtailing refinery runs in the third quarter as massive refinery start-ups and slowing domestic fuel demand have created a fuel glut in the country, hurting refining margins. 

By Tsvetana Paraskova 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