• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 20 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 12 days Does Toyota Know Something That We Don’t?
  • 22 hours World could get rid of Putin and Russia but nobody is bold enough
  • 20 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days Even Shell Agrees with Climate Change!
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

China Oil Refinery Throughput Jumps 4% In July

Refinery throughput in China went up by 4 percent last month, to a total 52.6 million tons, or about 12.44 million bpd, Reuters reports, citing data from the National Bureau of Statistics.

That’s down from a record-high processing rate of 12.68 million bpd, recorded first in January and February this year and then again in April. It is still pretty strong going thanks to higher demand for crude from independent refiners who are building new refining capacity.

Independent refiners currently account for about 30 percent of China’s oil processing capacity, which stands at 15 million barrels daily and rising. According to an analysis from Bloomberg released in March, this year will see refining capacity additions of as much as 890,000 bpd.

With higher processing rates imports of crude also jumped in July. These averaged 9.66 million bpd, up by 14 percent on the year. The trend could soon reverse, however, as the country prepares for its National Day in October. The preparations involve reducing industrial activity to cut pollution levels. These reductions are seen affecting both imports and refinery processing rates during the third quarter of the year.

The rebound in refining rates is somewhat surprising as it comes amid a persistent glut of fuels, the result of increased independent refiner activity. This glut has led to a squeeze in refining margins both in China and in neighboring countries as the excess fuel spills into the rest of Asia. Yet the government once again granted generous crude import and fuel export quotas to refiners this year.

The July increase in imports also indicates strong oil demand, but U.S.-Chinese trade tensions have had some analysts worrying that U.S. oil could fall victim to the tariff war. Even the risk of tariffs is reason enough for Chinese refiners to choose another source of oil as they did last year when trade tensions spiked.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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