China’s crude throughput is set to fall further in May, extending the downtrend seen in April when it fell to the lowest in two years, as prolonged pandemic-related movement restrictions prompt state refiners to slash output. In May, utilization rates at China’s four state-owned refiners fell from a two-year low to 73.4%, the lowest since .
The average utilization rate at China’s four state-owned refiners rebounded in January to 80.7%, with nearly 1.53 million b/d capacity coming online following scheduled maintenance, while independent refiners largely retained high run rates, S&P Global Platts data showed Jan. 27. This was about three percentage points higher from the eight-month low of 78.2% in December, .
China’s crude throughput rose 4.6% year on year to 14.13 million b/d in 2021 despite refineries cutting crude runs by 2.1% in December to offset product inventory pressure, National Bureau of Statistics data released Jan. 17 showed. The higher throughput in 2021 was attributed to refining capacity expansion, and as refineries produced more oil products .
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