China annual oil refinery output falls for first time in 20 months amid maintenance - Hindustan Times
close_game
close_game

China annual oil refinery output falls for first time in 20 months amid maintenance

Reuters |
May 17, 2024 09:36 AM IST

CHINA-ECONOMY/OUTPUT-OIL (UPDATE 2):UPDATE 2-China annual oil refinery output falls for first time in 20 months amid maintenance

By Chen Aizhu

China annual oil refinery output falls for first time in 20 months amid maintenance
China annual oil refinery output falls for first time in 20 months amid maintenance

May 17 - China's refinery output fell 3.3% in April from a year earlier, the first annual decline in 20 months, as large refiners carried out regular maintenance and small independent plants curbed production due to thin profit margins.

Refinery throughput was 58.79 million metric tons, according to data from the National Bureau of Statistics on Friday, equivalent to 14.3 million barrels per day .

That's lower than 15.09 million bpd in March and 14.45 million bpd for the January-February period.

The 3.3% fall was the first year-on-year decline since August 2022, according to Reuters' records of NBS data.

State-run refineries such as Sinopec's Zhanjiang and Zhenhai refineries, as well as large independent refiner Dalian Hengli Petrochemical underwent planned maintenance in April, according to Chinese commodities consultancy Oilchem.

Smaller independent processors operated at less than 55% of capacity in April, down some 10 percentage points from a year earlier, Oilchem's data showed.

Throughput for January to April inched up 1.1% from a year earlier to 241.26 million tons, or 14.56 million bpd, the data showed, reflecting a pick up in economic activity as more people travelled and so increased use of gasoline and aviation fuel.

State refining giants Sinopec and PetroChina both reported strong year-on-year fuel sales growth in the first quarter, domestically and for exports, as they cashed in on firm regional refining margins.

Jet fuel sales led the expansion followed by gasoline, though diesel fuel lagged as China's prolonged property woes cut into the use of the fuel for construction.

Passenger air traffic rose 1.84% year-on-year in April to 800,990 flights, a level about 4% higher than April of 2019 before COVID, according to civil aviation data provider Variflight.

While domestic flights last month dipped year on year, international flights more than doubled to 55,672, although they remained 30% lower than April 2019, the data showed.

NBS data showed China's crude oil production in April rose 1.3% from a year earlier to 17.47 million tons, or about 4.25 million bpd. Year-to-date, output was up 2.1% on year at 70.95 million tons, or 4.28 million bpd.

Natural gas production grew 3.2% last month to 19.8 billion cubic metres , and output between January and April rose 5% at 83 bcm.

This article was generated from an automated news agency feed without modifications to text.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Get latest updates on Petrol Price along with Gold Rate , Today Weather and Budget 2024 at Hindustan Times.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, July 12, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On