China Daily Oil Summary: Refinery Throughput Up in March

China’s state-owned refineries plan to raise throughput by 11.14% on the month in March to 43.81m mt, according to OilChem.

• CDU capacity utilisation rates are expected to rise by 3.08 percentage points on the month to 80.08%.
• China’s Sinochem bought one VLCC of around 2mn barrels of CPC Blend for end-March to early-April loading, traders told Bloomberg, marking the third Asian VLCC purchase since Houthi rebel attacks stepped up in the Red Sea in November.
• China’s refined oil exports were 3.1m mt in February, up 4% on the month, according to OilChem. Refined oil exports constituted: 1m mt of gasoline, 0.84m mt of gasoil, and 1.26m mt of jet fuel/kerosene.
• China will raise its retail prices of gasoline and diesel from March 5, amid changes in global oil prices. Gasoline and diesel prices will rise by 125 y/mt (~ $17.6/mt) and 120 y/mt respectively.
• POLICY: China can attain this year's economic growth target of 'around 5% in a high-quality manner', Zheng Shanjie, director of the National Development and Reform Commission said at a press conference during the National People’s Congress (NPC).
• POLICY: Major economies are expected to loosen monetary policy in 2024 and the USD will weaken, allowing the People’s Bank of China (PBOC) greater policy space, Pan Gongsheng, PBOC governor said at an NPC press conference.
• China must develop new productive forces but not neglect traditional industries, President Xi Jinping has told the Jiangsu delegation at the People’s Congress in Beijing.