China’s crude throughput grew in the first two months of 2024 – JLC

China processed 118.76 million mt (14.45 million b/d) of crude during January-February, up 0.61% from the same period a year ago, market intelligence provider JLC reported.

PHOTO: Aerial view of oil refinery and fuel storage tanks in Hong Kong, China. Getty Images

Higher crude imports and growth in domestic production in the first two months of this year translated into a slight improvement in the country's crude throughput, JLC reported citing data from China’s National Bureau of Statistics (NBS).

The country imported a total of 88.31 million mt (10.74 million b/d) of crude in January and February, up 3% from the same period last year, data from China’s General Administration of Customs (GACC) showed.

Higher import levels and increased crude processing have projected growing demand in the world’s second-largest oil consuming country, according to oil market analysts.

“The positive data from China indicated a rebound in industrial production at the beginning of the year, signaling an improving demand outlook for oil,” said SPI Asset Management’s managing partner Stephen Innes.

Meanwhile, crude production in China totaled 35.11 million mt (4.27 million b/d) in January-February, the NBS data showed.

“A record amount of crude [is] being processed at the start of the year as [Chinese] refiners ramp up operations to meet strong holiday demand,” said ANZ Bank’s senior commodity strategist Daniel Hynes.

By Aparupa Mazumder 

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