China's crude throughput rebounded in November – JLC
China’s November crude throughput rebounded by nearly 2% on the month in November, amid improving product sales and margins, market intelligence provider JLC reported.
PHOTO: Oil pump jacks with the Chinese flag in the background. Getty Images
Chinese refiners processed about 58.51 million mt of crude oil in November, up 1.5% from the previous month, JLC reported citing data from the National Bureau of Statistics (NBS).
Daily throughput in November stood at around 14.24 million bbls, up from 14.02 million bbls in October according to NBS data.
With refinery capacity gradually increasing in the country, oil market analysts expect China’s oil demand to get a boost, which in turn will lend support to Brent’s price.
On a year-on-year comparison, crude oil throughput in November was up by 0.2% from the corresponding month in 2023, JLC reported. “This was the first rally after seven consecutive drops,” JLC said.
The country processed about 649.10 million mt of crude (14.14 million b/d) in the first 11 months of this year, down 1.8% from the same period in 2023, data from the NBS showed. Crude production in China totalled 17.25 million mt (4.2 million b/d) in November, an increase of 0.2% year-on-year, JLC reported.
“In January-November 2024, China's crude production totalled 194.92 million mt, a rise of 1.9% from the same period of time last year,” JLC said.
By Aparupa Mazumder
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