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China’s Q2 Gasoil & Gasoline Production Up on Quarter: OilChem

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China’s gasoil production is projected to be 53.95m mt in Q2, according to OilChem.

  • This is up by 0.71% on the month, but down 7.29% compared to the same period in 2023.
  • However, gasoline production is seen at 42.3m mt in Q2, up 1.81% on the quarter and 4.72% on the year.
  • Although the demand outlook was more bullish at the beginning of 2024, gasoil consumption was below expectations in Q1, OilChem said.
  • Consequently, refineries are likely to adjust their production scheduling, especially given weaker refinery margins.

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China’s gasoil production is projected to be 53.95m mt in Q2, according to OilChem.

  • This is up by 0.71% on the month, but down 7.29% compared to the same period in 2023.
  • However, gasoline production is seen at 42.3m mt in Q2, up 1.81% on the quarter and 4.72% on the year.
  • Although the demand outlook was more bullish at the beginning of 2024, gasoil consumption was below expectations in Q1, OilChem said.
  • Consequently, refineries are likely to adjust their production scheduling, especially given weaker refinery margins.

Keep reading...Show less