China Daily Oil Summary: Refining capacity to Rise 2.7% in 2024

China’s refining capacity is expected to rise by 2.7% y/y in 2024 to 961mn mt/year or 19.3mn bpd according to CNPC's Economics & Technology Research Institute (ETRI).

• Shipping data shows six tankers carrying Russian oil in ships sanctioned by the US were sailing to Chinese ports this week according to Reuters. It is however unclear if they would be allowed to discharge the cargoes.
• China’s traffic levels surged by 52.7% in the week to Feb. 28, as the market rebounds from the low congestion levels during the Lunar New Year holiday, BNEF said.
• EXCLUSIVE: China’s official manufacturing Purchasing Manager’s Index will likely print within the contractionary zone at 49% or lower, due to the recent Chinese New Year holiday and the economic recovery’s weak upward momentum, which may push the central bank to cut policy rates in coming months, sources familiar with the index told MNI.
• DATA: Real estate sales in March will likely fall year on year as the market needs time for expectations to recover, although they would rise month on month, China Real Estate Information said in a report on Thursday.
• FROM THE PRESS: Up to 19 provinces have released their planned investment projects earlier than usual, totalling about CNY10 trillion, with many increasing their investment amounts from 2023, Yicai.com reported.