Chinese refinery throughput falls to 15-month low

Oil

In August, Chinese refinery throughput fell 168 K b/d m-o-m and 2.2% y-o-y to 13.80 M b/d, the lowest level since May 2020 (13.68 M b/d), according to data from the National Bureau of Statistics (NBS). The decline was principally due to the build-up of Covid-19 cases and the government’s weaker product export quotas, Reuters reported. Between January and August, refinery throughput averaged 14.20 M b/d, up 1.04 M b/d y-o-y, highlighting the recovery in oil demand since the outbreak.