China’s refinery throughput reaches record high

Oil

China’s crude oil refinery inputs increased by 160K b/d m-o-m and 620K b/d y-o-y to 14.31M b/d in May, building for the second month in a row to the highest level on record, according to data from the Chinese National Bureau of Statistics. Throughput has been lifted by the return of processing at some state-run refineries following scheduled maintenance, as well the newly enforced consumption tax on imports of light cycle oil and mixed aromatics, which are used as blending materials in the production of gasoil and gasoline, Reuters report.