Sinopec Qingdao Refining and Chemical Company’s refinery in Qingdao, Shandong
Competition heating up for Chinese refiners
Slowing demand growth and capacity expansions will squeeze refiners in coming years
China’s crude oil throughput continued to set record highs in the first quarter of 2024, as refiners ramped up operations to meet holiday demand in February and March. But lower growth in March supports the view that throughput will expand more gradually this year. A slower increase in refinery runs will lead to pressure on refining and marketing margins for China’s three NOCs—which account for three-quarters of refined oil product output—and could potentially drag on oil import growth. Crude oil processing in the world’s second-largest oil consumer reached 182.46mt in Q1, equivalent to 14.7m b/d, according to government data. The volume was up by 2.4% year-on-year and 0.5% higher than the 1
Also in this section
30 December 2024
After hitting a high in 2019, output dropped during the Covid-19 pandemic, only to resume growth in 2021 and reach new highs. The US government expects 2.4% growth in 2025
19 December 2024
Deepwater Development Conference welcomes Shell’s deepwater development manager to advisory board for March 2025 event
19 December 2024
The government must take the opportunity to harness the sector’s immense potential to support the long-term development of the UK’s low-carbon sector
18 December 2024
The energy transition will not succeed without a reliable baseload, but the world risks a shortfall unless more money goes into gas
