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OIL
China’s refined oil production is forecast to fall in 2024 compared to 2023 levels, according to OilChem, amid heavier refinery maintenance and scarce feedstocks for Teapots.
- OilChem estimates that gasoline production will fall to 172m mt in 2024, with gasoil production at 230m mt.
- In 2024, state-owned refineries will put 14.49m mt of CDU capacity into maintenance for an average of 50 days, reducing throughput by 21.3m mt. This compares to a loss of 19.3m mt of throughput in 2023.
- Moreover, additional crude oil quotas before the end of the year are not expected, hurting production at independent refineries at the start of 2024. Teapots will likely be forced to source alternative feedstocks, which will cut refined product yields.
- OilChem also expects a fall in consumption of refined products in 2024, which will encourage refineries to adjust their production portfolio and focus more on the growing petrochemicals market.
Source: OilChem
Source: OilChem
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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