China's May oil refining volume hit its lowest since August last year

In May, oil refining in China decreased by 1.8% year-over-year, reaching its lowest level since last August. This decline was due to maintenance work at state-owned and private oil refineries.

According to China's National Bureau of Statistics, the country processed 59.11 million tons of crude oil in May. The daily volume was approximately 13.92 million barrels, down from 14.12 million barrels in April.

Sublime China Information reports that the utilization rate of Chinese refineries in May reached its lowest level since the fourth quarter of 2022. Eleven enterprises were completely shut down or undergoing partial maintenance. Consequently, gasoline and diesel fuel production in China fell by 1.421 million tons.

Several state-owned refineries are expected to finish maintenance in late May and early June, according to Vortexa. As a result, crude oil processing volumes may recover in June. Additionally, China's statistics bureau reported a 1.8% year-on-year increase in domestic crude oil production in May.