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Free AccessChina’s Jan-Feb Crude Runs Rose 3.3% YoY To 14.36mbpd
Chinese refineries processed 3.3% more crude oil in the first two months of 2023 compared with a year earlier, supported by fuel export policy and improving margins for independent refiners, data from the National Bureau of Statistics showed.
- Crude throughput in the Jan-Feb period reached 14.36mbpd, compared with 13.98mbpd a year earlier and 14.1mnbpd in December.
- Recovering domestic demand for gasoline and aviation fuel as more people traveled following the scrapping of COVID-19 controls also supported refinery production.
- State-run refiners were encouraged to process more partly to capture profits in exporting refined products, following the government's release of a larger set of quotas that has led to a 74% surge in refined oil product exports in the Jan-Feb period.
- Independent plants also raised processing rates by 4.4 percentage points over a year earlier to an average of 67.5% of their capacity during the same period, according to the consultancy JLC.
- Ample crude oil import quotas at the beginning of the year and expectations of recovering downstream demand supported the operational rates, JLC analysts said.
- NBS data also showed China's crude oil production in the Jan-Feb period grew 1.8% on the year to about 4.23mbpd, while that of natural gas rose 6.7% at 39.8bcm.
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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.