Mar China Refined Oil Supply & Demand Revived M-O-M

SCI99

2020-04-14

Mar China Refined Oil Supply & Demand Revived M-O-M

According to SCI’s statistics, in March 2020, China’s crude oil processing volume was 47.242 million mt, up 15.48% M-O-M and down 5.98% Y-O-Y. The average daily crude oil processing volume was 1.5239 million mt in March, and China’s total crude oil processing volume was 144.6212 million mt in Q1, 2020.

In March, though the operating rates at state-owned refineries dropped to some extent, the operating rates at independent refineries revived significantly because of the improvement in refined oil demand and oil refining profits. The overall operating rate at China’s refineries in March increased from February, supporting the crude oil processing volume to rise M-O-M.

Remarks: SCI’s sample of crude oil processing volume statistics includes 139 refineries with the total capacity of 886.25 million mt/a, accounting for 96% of China’s total capacity.

In terms of refined oil output, according to SCI’s statistics, in March, China’s gasoline output was 12.3171 million mt, up 7.05% M-O-M and down 10.47% Y-O-Y. China’s diesel output was 14.3333 million mt, up 7.88% M-O-M and down 13.99% Y-O-Y. China’s kerosene output was 3.4791 million mt, down 5.04% M-O-M and down 12.45% Y-O-Y. China’s straight-run naphtha output was 7.2186 million mt, up 15.7% M-O-M and up 2.1% Y-O-Y.

As for refined oil consumption, in March, China’s gasoline consumption volume was 10.7751 million mt, up 74.39% M-O-M and down 14.04% Y-O-Y, and China’s diesel consumption volume was 12.4226 million mt, up 71.14% M-O-M and down 15.60% Y-O-Y.