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OIL: China's Oil Refinery Output Fell 5.4% y/y in September

OIL
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China's oil refinery output in September fell, for a sixth consecutive month, by 5.4% y/y as refiners processed 58.73m metric tons of crude, or 14.29mbpd, National Bureau of Statistics showed cited by Reuters, amid disappointing fuel demand and weak export margins.

  • The volume of crude processed rose from 13.91mbpd in August as some refineries returned from planned maintenance.
  • Output for the first three quarters of 2024 was down 1.6% y/y to 531.26m tons, or 14.15mbpd.
  • Refinery output may be boosted in the coming months from the ramp up of the Shandong Yulong Petrochemical refinery which started in late September.
  • China's September domestic crude oil production rose 1.1% on year to 17.07m tons, or 4.15mbpd while year-to-date output was up 2% at 159.87m tons, or 4.26mbpd.
  • China apparent oil demand (processing volumes plus refined oil imports) fell by 7% year on year in September to 14.18mbpd, according to data compiled by Bloomberg. Apparent oil demand in January-September fell 3.80% on the year to average 13.99mbpd.
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China's oil refinery output in September fell, for a sixth consecutive month, by 5.4% y/y as refiners processed 58.73m metric tons of crude, or 14.29mbpd, National Bureau of Statistics showed cited by Reuters, amid disappointing fuel demand and weak export margins.

  • The volume of crude processed rose from 13.91mbpd in August as some refineries returned from planned maintenance.
  • Output for the first three quarters of 2024 was down 1.6% y/y to 531.26m tons, or 14.15mbpd.
  • Refinery output may be boosted in the coming months from the ramp up of the Shandong Yulong Petrochemical refinery which started in late September.
  • China's September domestic crude oil production rose 1.1% on year to 17.07m tons, or 4.15mbpd while year-to-date output was up 2% at 159.87m tons, or 4.26mbpd.
  • China apparent oil demand (processing volumes plus refined oil imports) fell by 7% year on year in September to 14.18mbpd, according to data compiled by Bloomberg. Apparent oil demand in January-September fell 3.80% on the year to average 13.99mbpd.