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
2 June 2025
More than anything else, weak Chinese gas demand is providing relief to EU consumers, but it is uncertain how long this relief will last
30 May 2025
Energy majors argue transition debate has started to factor in the complexities of demand shifts and the wider role for gas
29 May 2025
Sovereignty is the watchword for the new government, but there are still upstream opportunities for those willing to work closely with the state
29 May 2025
A cautious approach to coal-to-gas switching offers lessons to others who are looking to balance cost with cleaner energy
