China’s oil refinery throughput in January and February increased by 3% compared to the same period a year earlier, reaching 118.76 million metric tons to cater to robust demand for transport fuels during the bustling Lunar New Year travel season. The country’s total refinery throughput equated to 14.45 million barrels per day (bpd), a slight uptick from the 14.36 million bpd recorded in January-February 2023, as reported by the National Bureau of Statistics (NBS). China consolidates data for these two months to offset the influence of the Lunar New Year holidays, which vary annually between January and February. The growth in crude imports during the initial two months of the year, up by 5.1% from the previous year according to customs data, underscores the persistent strength in fuel demand within the world’s largest oil-importing nation. Notably, this surge in demand coincided with increased travel activities during the Lunar New Year holiday period, showcasing a substantial rise in domestic and international trips compared to the previous year. Domestic crude oil production in January-February also saw a 2.9% year-on-year increase to 35.11 million tonnes, while natural gas production surged by 5.9% over the same period to reach 41.7 billion cubic meters.
China’s Oil Refinery Output Rises 3% in Jan-Feb Amid Strong Demand