Sinopec Qingdao Refining and Chemical Company’s refinery in Qingdao, Shandong
Competition heating up for Chinese refiners
Slowing demand growth and capacity expansions will squeeze refiners in coming years
China’s crude oil throughput continued to set record highs in the first quarter of 2024, as refiners ramped up operations to meet holiday demand in February and March. But lower growth in March supports the view that throughput will expand more gradually this year. A slower increase in refinery runs will lead to pressure on refining and marketing margins for China’s three NOCs—which account for three-quarters of refined oil product output—and could potentially drag on oil import growth. Crude oil processing in the world’s second-largest oil consumer reached 182.46mt in Q1, equivalent to 14.7m b/d, according to government data. The volume was up by 2.4% year-on-year and 0.5% higher than the 1
Also in this section
28 March 2025
The Central Asian country is positioning itself as a low-carbon leader, but antiquated infrastructure and a dependence on Russia are holding it back
28 March 2025
MCEDD 2025 took place in Madrid this week with record attendance and a wide-ranging programme, reflecting the deepwater sector’s renewed momentum, strategic focus and accelerating technological innovation.
27 March 2025
Awards celebrate global innovation, leadership and achievement across the energy sector’s people, projects, technologies and companies.
26 March 2025
Well-functioning democracies are required for healthier economies and a thriving oil industry
