Free Trial

China Refining Capacity Expected to Grow 2.7% y/y in 2024: ETRI

REFINING

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).

  • China is likely to face refining overcapacity because China's demand for refined products is expected to peak at 400 million mt/year (8.67 million bpd) in 2024 or slightly later in 2025.
  • China needs to maintain heavy outflows of products to balance the domestic market - supplies of which would be 50 million mt over demand in 2024.
  • ETRI expects Chinese refineries to process 752 million mt or 15.06 million bpd of crude in 2024, rising 1.8% y/y.

To read the full story

Close

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.