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OIL: Refinery Throughput at Sinopec Dipped in 2024 Amid Weaker Chinese Demand

OIL
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Refinery Throughput at Sinopec Dipped in 2024 Amid Weaker Chinese Demand: oilprice.com

  • China Petroleum & Chemical Corp (Sinopec) saw its refinery throughput drop by 2.03% in 2024 from a year earlier.
  • Sinopec’s refinery throughput fell to 252.3 million tons last year, amid an overall decline in Chinese crude processing rates, for the first time in decades.
  • China is the world’s largest crude oil importer but saw lackluster oil demand and crude imports in 2024 amid a weaker-than-expected economy and faltering demand for road transportation fuels.
  • Sinopec diesel production fell 10.27% and light chemical feedstock fell by 5.8% per an unaudited preview of production for 2024. Oil and gas production rose by 2.2% with crude output only up 0.26% and natural gas production rising by 4.68%.
  • Chinese refiners processed on average 14.13mb/d of crude oil last year, down 1.6% from 14.7mb/d in 2023 when China emerged from the pandemic lockdowns. Both Chinese state energy gians CNPC and Sinopec have predicted peak oil demand growth, with CNPC forecasting it for this year and Sinopec seeing it coming in 2027.
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Refinery Throughput at Sinopec Dipped in 2024 Amid Weaker Chinese Demand: oilprice.com

  • China Petroleum & Chemical Corp (Sinopec) saw its refinery throughput drop by 2.03% in 2024 from a year earlier.
  • Sinopec’s refinery throughput fell to 252.3 million tons last year, amid an overall decline in Chinese crude processing rates, for the first time in decades.
  • China is the world’s largest crude oil importer but saw lackluster oil demand and crude imports in 2024 amid a weaker-than-expected economy and faltering demand for road transportation fuels.
  • Sinopec diesel production fell 10.27% and light chemical feedstock fell by 5.8% per an unaudited preview of production for 2024. Oil and gas production rose by 2.2% with crude output only up 0.26% and natural gas production rising by 4.68%.
  • Chinese refiners processed on average 14.13mb/d of crude oil last year, down 1.6% from 14.7mb/d in 2023 when China emerged from the pandemic lockdowns. Both Chinese state energy gians CNPC and Sinopec have predicted peak oil demand growth, with CNPC forecasting it for this year and Sinopec seeing it coming in 2027.