CHINA'S OIL DOWN TO 12.7 MBD
PLATTS - 16 May 2022 - China's crude throughput slumped 10.5% year on year to a two-year low of 12.66 million b/d, or 51.81 million mt in April, as COVID-19 resurgence hurt oil demand, the National Bureau of Statistics data showed May 16.
The crude throughput was the lowest since March 2020 when it was at 11.81 million b/d, following lockdowns after the initial COVID-19 wave.
The April throughput fell 8.6% from 13.85 million b/d in March, and was below the January-February average of 14.04 million b/d.
S&P Global Commodity Insights had expected China's April crude throughput to reach a two-year low amid Beijing's zero-tolerance approach toward COVID-19.
China's industrial production fell 2.9% year on year in April, due to slowing manufacturing activity that hit oil demand. The country's industrial production was last lower by 1.1% in March 2020, following a year-on-year drop of 13.5% over January-February 2020, NBS data showed.
China's crude throughput declined 3.8% year on year to 13.64 million b/d in the first four months of the year.
The country's crude output gained 4% year on year to 4.15 million b/d, or 17 million mt in April, NBS data showed.
China's combined crude production averaged 4.17 million b/d over January-April, an increase of 4.3% year on year, due mainly to the state-owned oil giants' efforts to boost domestic energy supplies.
The NBS releases data in metric tons, which S&P Global Commodity Insights converts to barrels using a 7.33 conversion factor.