• 5 hours UK On Track To Approve Construction of “Mini” Nuclear Reactors
  • 9 hours LNG Glut To Continue Into 2020s, IEA Says
  • 11 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 14 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 16 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 17 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 4 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 4 days New Video Game Targets Oil Infrastructure
  • 4 days Shell Restarts Bonny Light Exports
  • 4 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 5 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 5 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 5 days Rosneft Signs $400M Deal With Kurdistan
  • 5 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 6 days Conflicting News Spurs Doubt On Aramco IPO
  • 6 days Exxon Starts Production At New Refinery In Texas
  • 6 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 7 days China To Take 5% Of Rosneft’s Output In New Deal
  • 7 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 7 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 7 days VW Fails To Secure Critical Commodity For EVs
  • 7 days Enbridge Pipeline Expansion Finally Approved
  • 7 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 7 days OPEC Oil Deal Compliance Falls To 86%
5 Stock Picks As The Electric Car Boom Accelerates

5 Stock Picks As The Electric Car Boom Accelerates

The electric vehicle industry has…

Chinese Refiners Process Record Amount Of Crude In November

Oil Refinery

Refineries in China processed an average 11.14 million barrels daily last month, or a total of 45.77 million tons, which constituted a 3.4-percent annual increase, the country’s National Bureau of Statistics announced. The daily runs were the highest on record.

According to an IHS analyst, Harry Liu, the increase resulted from a spike in diesel demand, itself brought about by greater demand for coal and steel that pushed up the prices of these commodities. To reign in the price of coal, China reopened some mines to increase local output, and this further strengthened diesel demand.

Another contributor to the record was a group of independent refineries, the so-called teapots, which won three months ago new quotas for imported crude. These could be the last quotas for teapots in the foreseeable future, as earlier this month S&P Platts reported that the Department of Commerce has not opened a new round of accepting applications for quotas. It should have done so a month ago, to ensure quotas for the first quarter of 2017.

In contrast to the increase in refining, oil output in China was down 9 percent on the year in November, at 3.915 million barrels a day. Still, this daily average was an improvement on the 3.78 million bpd pumped in October, which was a seven-year low. According to Liu, however, now that OPEC and non-OPEC producers have agreed to cap production globally to support prices, this decline in output could slow down.

Related: Goldman Sachs Warns The Saudis: ‘’U.S. Shale Will Respond’’

Interestingly, just a week ago, the Financial Times reported that the director of the National Bureau of Statistics had admitted that some Chinese statistics are falsified. Ning Jizhe wrote in a column for the People’s Daily that “fraud and deception happen.”

However, oil production figures are not the main concern of economists and analysts when it comes to Chinese data. The main concern is GDP figures, which have looked conveniently stable and rounded for years. No wonder then that Ning Jizhe took the helm of the NSB after its former chief, Wang Baoan, was removed and an investigation was launched against him.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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