China’s refinery output drops to over 2-year low
China's refinery crude throughput fell last month to its lowest since March 2020 as several state refiners underwent unplanned shutdowns and their independent peers trimmed production in response to thinning margins.
Refiners processed 53.21 million tonnes of crude oil in July, 8.8 per cent less than a year earlier, according to data from the National Bureau of Statistics (NBS).
That is equivalent to 12.53 million barrels per day (bpd), the lowest daily rate since March 2020, and compared with 13.37 million bpd in June.
The weaker throughput in July extended a rare decline in China's refinery processing seen in the first half of 2022 as strict Covid-19 lockdowns and fuel export controls curbed their production.
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