China crude oil flows hit record highs in June

Tankers are seen at a terminal at the Sinopec Yaogang oil depot in Nantong, Jiangsu province, China on June 11, 2019. REUTERS / Stringer

  • June crude throughput 14.8 mlb / d, compared to 14.25 mln b / d in May
  • Crude oil production in June 16.67 mln T, up 2.8% from the previous year
  • Natural gas production at 17.2 billion cubic meters, up 13.1% from the previous year

BEIJING, July 15 (Reuters) – China’s crude oil throughput hit a record high in June, rising 3.9% per day from the previous record set in May as more refineries resumed operations after maintenance.

The country processed 60.82 million tonnes of crude oil last month, or 14.8 million barrels per day (bpd), data from the National Bureau of Statistics (NBS) showed on Thursday.

This was up from 14.25 million bpd in May, and was also above 14.08 million bpd in June of last year.

Total throughput in the first half of 2021 reached 353.35 million tonnes, or 15.13 million barrels per day, up 10.7% from the same period in 2020.

Chinese refineries slowed down processing of oil in the second quarter for scheduled maintenance. According to data from S&P Platts, around 38 million tonnes per year of refining capacity is expected to come back online at state-owned oil giants Sinopec and PetroChina from late May to early June.

Average utilization rates at independent refineries in Shandong province were 73.81 percent as of June 30, down from 66.7 percent at the end of May, according to data collected by China-based consulting firm Sublime.

However, FGE analysts expect run rates at independent refineries in Shandong to drop from around 490,000 b / d to an average of 1.75 million b / d in the third quarter due to reduction of import quotas for crude oil and a crackdown on illicit trade in quotas. Read more

China cut non-state refiners’ crude oil import quotas by 35% in a second batch of quotas for 2021. read more

NBS data also showed that China’s oil production in June stood at 16.67 million tonnes, up 2.8% from the same month a year earlier. In the first six months of this year, China produced 99.32 million tonnes of crude, up 2.4% on the year.

Last month, natural gas production increased 13.1% from a year earlier to 17.2 billion cubic meters (bcm), the NBS reported, while production from January to June rose to 17.2 billion cubic meters (bcm), the NBS reported. increased by 10.9% compared to the previous year to reach 104.5 bcm.

Reporting by Muyu Xu and Shivani Singh; Editing by Jacqueline Wong and Richard Pullin

Our standards: Thomson Reuters Trust Principles.

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