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15 July | Oil

China’s oil refining output hits two-year high in June

Brent
WTI Light Crude Oil
China’s oil refining output hits two-year high in June

In June, China recorded its highest oil refining volume in nearly two years as domestic refineries ramped up operations after seasonal maintenance. According to Bloomberg, the surge was driven by national companies seeking to capitalize on favorable diesel market prices.

Data revealed that the country’s refinery output climbed up to 15.2 million barrels per day, marking the highest level since September 2023 and an 8.5% year-on-year hike.

Amy Sun, an analyst at GL Consulting, says the growth was due to better profits from refining activities and reduced idle capacity. She expects this upward trend to continue in July as new facilities are set to be launched.

Meanwhile, JLC International's industry data shows that China’s diesel margin has already reached an annual peak of $18 per barrel, with utilization rates at state-owned refineries hitting 84%.

Anton Volkov MarketCheese

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