China’s crude oil throughput rises to fresh record high

Oil

China’s crude oil throughput increased by 110K b/d m-o-m and 560K b/d y-o-y to 14.26M b/d in November, rising for the second consecutive month to reach a record high, according to data from the Chinese National Bureau of Statistics. Throughput has received a boost from private refiner Zhejiang Petrochemical Corp which opened a new 200K b/d unit early in November, with state-backed oil refineries also increasing their processing rates in order to meet annual targets and capitalise on the substantial demand for diesel and low-sulphur marine fuel, Reuters report.