China Daily Oil Summary: Exxon Sees Healthy Product Demand from China

Global oil demand is “very healthy” according to ExxonMobil’s CEO Darren Woods in an interview with CNBC. “We are seeing really high [oil product] demand in places like India, China has got really healthy demand” Woods said.

• China is set for record imports of Russian crude this month according to Kpler figures, boosted by an increase in Sokol flows.
• CDU rates among state-owned refineries are projected to fall in the week to March 22, while run rates will increase at Shandong’s Teapots amid feedstock arrivals, OilChem said.
• China’s oil refinery throughput in January and February rose by 3% on the year to 118.76mn tons, or 14.45mbpd, data from NBS showed on Monday.
• China’s apparent oil demand in the first two months of this year rose by 6.07% on the year to 14.357mbpd according to NBS and GCC data, cited by Bloomberg.
• DATA: Retail sales decelerating to 5.5% y/y in the first two months from December's 7.4% gain, though outperforming the expected 5.0%. Industrial production rose 7.0% y/y, up from December's 6.8% and beating the 5.1% forecast.
• POLICY: The property sector remains in the process of adjustment and transformation given, Liu Aihua, spokesperson for NBS said. China’s real-estate investment fell 9% y/y during the first two months of the year following the previous 9.6% decrease.