2024-06-18 14:09:33
Chinese language refineries processed a document 14.76 million barrels of oil per day in 2023, however demand for petroleum merchandise is declining, Bloomberg stories, citing specialists surveyed.
In keeping with the forecasts of the publication’s interlocutors, a lower in processing volumes is anticipated by the top of 2024. Business consultants consider that this 12 months oil refining volumes in China might decline for the primary time since 2004, Day.Az stories with regards to Prime.
On prime of that, China’s decades-long refining growth might ease this 12 months, a blow to world demand and the aspirations of OPEC+ producers looking for to return provide to the market.
Nevertheless, some specialists predict a decline of 100 thousand barrels per day, whereas others anticipate steady figures.
The publication emphasised that the launch of “mega-refineries” comparable to Shandong Yulong Petrochemical Co., the enlargement of the Zhenhai refinery of China Petroleum & Chemical Corp. and Cnooc Ltd.’s Daxie plant will assist assist downstream progress.
Regardless of low-cost oil from Iran and Russia, unbiased Chinese language refineries are going through declining profitability of gasoline manufacturing as a consequence of rising plant upkeep prices, the company concluded.
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