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China’s Oil Product Surplus to Widen to 52mn Tons in 2024

OIL PRODUCTS

China’s oil products surplus is expected to widen to 52mn tons by 2025, from 47mn tons this year, CNPC’s researcher Li Ran said, cited by Bloomberg.

  • The surplus will further rise to 82mn tons by 2030.
  • The severe oversupply, and the lagging of fuel price hikes in line with global crude oil price increased are squeezing margins for retailed, Li Ran added.
  • China’s nationwide refining capacity is projected to expand to 980m tons by 2028, up from 936m tons in 2023.

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