• 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
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 10 hours The United States produced more crude oil than any nation, at any time.
  • 2 days China deletes leaked stats showing plunging birth rate for 2023
  • 1 day The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Bad news for e-cars keeps coming
Falling Energy Prices Spark Hopes for Fed Rate Cuts

Falling Energy Prices Spark Hopes for Fed Rate Cuts

US inflation unexpectedly remained flat…

Trade War Concerns Loom Over US and UK Elections

Trade War Concerns Loom Over US and UK Elections

The 2024 US presidential election…

China’s Crude Processing Dips To Lowest Since March 2020

Crude throughput at Chinese refineries slumped in July to the lowest level since the height of the pandemic in March 2020, amid unplanned facility outages and lower processing rates at independent refiners due to declining refining margins.

Chinese refiners processed 53.21 million tons of crude oil last month, equal to 12.53 million barrels per day (bpd), per Reuters calculations based on official data from China’s National Bureau of Statistics. The refinery throughput was down by 8.8 percent compared to July 2021 and down from the June 2022 processing rate of 13.37 million bpd.

In June, Chinese refiners’ processing rates were higher than in May, but some 10 percent lower than the all-time high reached last year in June, data showed last month. Chinese refineries’ throughput fell for the first time in more than a decade during the first half of the year, by 6 percent to 13.4 million bpd.

Now when July is included in the year-to-date refinery throughput, it turns out Chinese crude processing dropped by 6.3 percent to 13.09 million bpd compared to the period January-July 2021.

Crude processing was down in July due to unplanned shutdowns at refineries owned by state giants Sinopec and PetroChina, industry sources told Reuters.

Moreover, China’s independent refiners also cut production because refining margins are coming off recent highs. Subdued refining at the world’s top crude oil importer, China, could continue to weigh on oil prices along with renewed fears of economic slowdown, including lower economic growth in China than previously expected.

In addition, Chinese authorities plan to launch a new round of tax probes on private refiners, the so-called teapots, sources in the refining industry told Reuters last week, in what could slow down further the crude processing rates at the world’s top crude oil importer. The independent refiners in China, mostly located in the eastern province of Shandong, account for around a fifth of all Chinese crude imports.  
By Tsvetana Paraskova 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