Chinese oil refineries processed 58.7 million tons of crude oil in September, according to Commerzbank’s commodity analyst Carsten Fritsch.
Crude Oil Processing Trends
Despite a slight increase in crude oil processing in September compared to the previous month, the overall trend remains below the previous year’s level. This marks the sixth consecutive month of decline in crude oil processing in China.
September Data Analysis
- September saw a 5.4% decline in crude oil processing, with a daily amount of 14.3 million barrels processed.
- The decline in September, based on monthly figures, was as much as 7.7%.
Cumulative Figures for the Year
- For the first nine months of the year, the NBS reported a total of 531.3 million tons of crude oil processed.
- This corresponds to 14.15 million barrels per day, representing a 1.6% decline compared to the same period last year.
- Based on monthly figures, the decline for the same period is just over 4%.
Analyzing the Impact
The consistent decline in crude oil processing in China has significant implications for the global oil market and economy.
It’s essential to monitor these trends closely, as they can affect oil prices, supply chains, and overall market stability. Understanding the reasons behind the decline and its potential future impact is crucial for investors and policymakers alike.