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Reuters
a day ago
- Business
- Reuters
China's May refinery throughput at 9-month low on plant overhauls
June 16 (Reuters) - China's crude oil throughput declined by 1.8% in May from a year earlier to the lowest level since August, official data showed on Monday, as maintenance at both state-owned and independent refineries curbed operations. The world's second-largest oil consumer processed 59.11 million metric tons of crude in May, or about 13.92 million barrels per day (bpd), according to data from the National Bureau of Statistics. The daily processing rate in May dropped from April's 14.12 million bpd. Chinese consultancies reported that domestic refinery utilisation rates continued to fall. They reached the lowest level in May since the fourth quarter of 2022, according to Chinese consultancy Sublime China Information. The average operating rate of primary refining units dropped to 72.87% in May. A total of 11 refineries were either fully shut or undergoing partial maintenance, cutting gasoline and diesel output by 1.421 million metric tons per month, the consultancy said. However, independent refiners in Shandong saw a modest recovery in profit. The theoretical average margin for Shandong teapots was 293 yuan ($40.8) per metric ton in May, up 23 yuan from April, as the decline in revenue was less than the reduction in raw material costs, the consultancy added. As several state-run refineries are expected to complete turnarounds in late May and early June, throughput may well rebound in June, said analytics firm Vortexa. NBS data also showed that China's domestic crude oil production in May rose 1.8% from a year earlier to 18.47 million metric tons, or 4.35 million bpd. Year-to-date crude output rose 1.3% to 90.28 million tons, or 4.36 million bpd. Natural gas production increased 9.1% year-on-year to 22.1 billion cubic meters last month, with output in the first five months rising 6%, the data showed. (metric ton = 7.3 barrels for crude oil)
Business Recorder
19-05-2025
- Business
- Business Recorder
China's April refinery output fell 1.4% year-on-year
China's crude oil throughput fell in April from a year earlier, official data showed on Monday, due to maintenance at state-owned refineries and as independent plants curbed output amid poor margins. The world's second-largest oil consumer processed 58.03 million metric tons of crude in April, or about 14.12 million barrels per day (bpd), according to data from the National Bureau of Statistics. The daily processing rate in April declined by 4.9% compared with March, and was down 1.3% from a year earlier. Independent refineries, also known as 'teapots', in China's refining hub Shandong faced thinner profit margins during the month. Overall, Chinese refineries operated at 73.83% capacity in April, the lowest since 2022, down 1.7 percentage points from March and down 5.35 percentage points from a year earlier, according to Chinese consultancy Sublime China. The theoretical average profit for Shandong teapots was 270 yuan ($37.5) per metric ton, down 58 yuan per ton from March due to declining gasoline and diesel prices, the consultancy said. Weakened fuel demand weighed on margins. Apparent domestic gasoline consumption fell 4% year-on-year during the first quarter and diesel dropped 6.1%, according to another consultancy JLC. Still, for the first four months of the year, refiners processed 0.8% more crude than in the year-ago period - a total of 240.27 million tons, or 14.62 million bpd. Oil little changed as investors eye Iran-US talks, China data Two independent refineries recently sanctioned by the US faced supply disruptions such as having difficulties in receiving cargoes at ports and securing financing, Reuters has reported. Worries about sanctions have also led to about five plants in Shandong halting purchases of Iranian crude since last month. NBS data showed that China's domestic crude oil production in April rose 1.5% year on year to 17.72 million tons, or 4.31 million bpd. Year-to-date crude output rose 1.2% at 71.81 million tons, or 4.37 million bpd. Natural gas output increased 8.1% from a year earlier to 21.5 billion cubic meters, and production for the first four months grew 5.3%, the data showed. Reuters
