HOME

Track your shipment

Client Testimonials

"We wish to convey our sincere thanks to your organization which has been professionally handling our biz since 2003. We would like to take this opportunity to thank everyone of your staff members who supported and helped us during the hard times and gave us workable solutions and ideas to reach our business objectives. Al Rana Equipment & Machinery Trading Eng. Bassam Nowfat - Managing Director"

Al Rana Equipment & Machinery Trading,
View All

Subscribe To NewsLetter

Stay Updated with the latest news & Events and other activities

Subscribe Me !

News View

Chinese Refiners Processed Record Amounts Of Crude In 2020
1/19/2021 12:00:00 AM

After a pandemic-hit slow start to 2020, China’s refiners boosted production from April, thanks to ultra-low crude oil prices and a rebound in the Chinese economy and fuel demand, setting a new record for crude oil processing volumes.

Crude oil throughput at China’s refineries averaged 674.41 million tons, or 13.51 million barrels per day (bpd), in 2020, a 3.2-percent increase over the previous year to a record-high processing volume, according to data from the National Bureau of Statistics cited by Argus.
Last year, when international crude oil prices sank in March, April, and most of May, Chinese refiners took advantage of the lowest prices in years and stocked up on low-priced crude. For several months, China was smashing crude oil import records through the summer, and tankers had to wait for weeks to discharge the crude as port congestion was growing.
Several new refining units also contributed to China’s record-high crude processing rates in 2020, as did the higher import quotas given to independent refiners—the so-called teapots—by the government.
According to data from China’s bureau of statistics cited by Argus, Chinese refiners reduced crude oil throughputs between January and March, with the March output down by 6.6 percent year on year. In April, however, refiners began to ramp up crude oil processing, which hit a daily record in November—at 14.2 million bpd, up by 3.2 percent compared to November 2019. The average refinery throughput in December was only a bit lower—at 14.18 million bpd, it stayed close to the record levels of November, according to Argus estimates.
China’s crude oil imports also rose to a record high of 10.85 million bpd on average in 2020, up by 7.3 percent, due to the cheap crude prices and the start-up of several refineries.
For most of last year, the solid demand in China single-handedly supported the oil market, while demand in Europe and the United States was waning with resurging COVID-19 cases.
Source: Oil Price
Thanks