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OIL: Sinopec Crude Processing Fell 2.03% y/y in 2024

OIL
Energy BulletsChinaBulletAPACCommodities

Sinopec crude processing fell 2.03% y/y in 2024, and diesel output tumbled 10.27% y/y, according to Reuters.

  • China's oil refinery throughput fell 1.6% in 2024 to 708.4m tons, National Bureau of Statistics showed last week, amid soft demand and weak margins.
  • Sinopec processed 252.3m tons of crude oil in 2024, or 5.05mb/d, down from 257.52m tons in 2023, a Shanghai stock exchange filing showed.
  • Diesel production fell to 57.91m tons but gasoline output rose 2.6% and jet kerosene rose 8.6%.
  • Gasoline and diesel make up 40% of China’s oil demand but demand for the transport fuels is nearing their peak. Gowing EV uptake and LNG trucks are combining with a prolonged property sector downturn to weigh on China demand growth.
  • Sinopec’s oil and gas production rose 2.2% y/y to 515.25m barrels of oil equivalent, driven mostly by natural gas.
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Sinopec crude processing fell 2.03% y/y in 2024, and diesel output tumbled 10.27% y/y, according to Reuters.

  • China's oil refinery throughput fell 1.6% in 2024 to 708.4m tons, National Bureau of Statistics showed last week, amid soft demand and weak margins.
  • Sinopec processed 252.3m tons of crude oil in 2024, or 5.05mb/d, down from 257.52m tons in 2023, a Shanghai stock exchange filing showed.
  • Diesel production fell to 57.91m tons but gasoline output rose 2.6% and jet kerosene rose 8.6%.
  • Gasoline and diesel make up 40% of China’s oil demand but demand for the transport fuels is nearing their peak. Gowing EV uptake and LNG trucks are combining with a prolonged property sector downturn to weigh on China demand growth.
  • Sinopec’s oil and gas production rose 2.2% y/y to 515.25m barrels of oil equivalent, driven mostly by natural gas.