China's April Crude Throughput Falls 5.8% to 13.3 Million Bpd as Inventories Rise
Updated
Updated · Reuters · May 18
China's April Crude Throughput Falls 5.8% to 13.3 Million Bpd as Inventories Rise
4 articles · Updated · Reuters · May 18
54.65 million metric tons of crude were processed in April—about 13.3 million bpd—the lowest monthly throughput since August 2022, while January-April runs slipped 0.5% from a year earlier.
Negative refining margins drove the cuts: Chinese refiners lost 649 yuan per ton in April versus a 269-yuan profit a year earlier, and average utilisation fell to 63.59%.
Independent refiners are expected to deepen run cuts in May despite Beijing urging small plants to maintain fuel production, with some units already shut for maintenance.
38.47 million tons of crude imports in April—down 20% year on year to a near four-year low—combined with higher gasoline and diesel yields and weaker demand, lifted fuel stocks and onshore crude inventories by 17 million barrels.
The squeeze reflects disruption from the Iran war and export restrictions since mid-March, even as domestic crude output edged up 1.2% in April to 4.37 million bpd.
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