Chinese Oil Refinery Output Touched Peak in August

SEATTLE (Oil Monster): The most recent data published by the National Bureau of Statistics (NBS) indicates that the Chinese oil refinery throughput surged to hit fresh peak in the month of August this year. The rise in throughput was mainly attributed to rising demand and strengthening export margins.

According to NBS, the refineries in the country kept their run rates high in order to meet rising summer travel demand and to capitalize on the firm export margins. The month of August 2023 recorded a refinery throughput of 64.69 million metric tons, significantly higher by 19.6% from the same month a year before. This translates to processing record of 15.23 million barrels per day (bpd).

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The throughput stood higher upon comparison with the prior month figure of 14.87 million bpd.

Also, year-to-date oil refinery throughput totalled 491.4 million tons, higher by 11.9% from Jan-Aug ’22.

The domestic fuel consumption recorded growth during the month, driven by domestic gasoline and kerosene demand. The air passenger numbers nearly doubled from the previous year to hit record. The additional government fuel export quotas granted by the government also saw refiners maintaining higher runs.

The country’s refined fuel exports, at 5.89 million tons, recorded month-on-month a nd year-on-year growth by 11% and 23.3% respectively.