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OIL
China’s refined oil production is expected to jump in Q2 amid less extensive state-owned refinery maintenance and resilient demand, according to OilChem.
- Offline CDU capacity at state-owned refineries will fall 23.5% in April-June compared to the same period in 2023.
- State-owned refineries constitute around 60% of China’s total CDU capacity.
- Consequently, there will be a smaller production loss compared to the previous year.
- Refined oil consumption is expected to remain resilient.
- Gasoline production is expected to see a boost driven by three public holidays.
- Gasoil is expected to see rising demand from a gradual return of outdoor construction projects, although a rainy season in the south could be a bearish factor. Higher gasoil export profits will also support production.
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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