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2022-07-15 11:50:00

CHINA'S OIL THROUGHPUT UPDOWN

CHINA'S OIL THROUGHPUT UPDOWN

PLATTS - 15 Jul 2022 - China's crude throughput fell 6% year on year to 332.22 million mt, or 12.75 million b/d, over January-June, National Bureau of Statistics data showed July 15, as GDP growth in the world's second largest economy slowed to 2.5% due to COVID-19 lockdowns over April-May.

The country's GDP growth for the second quarter stayed just in positive territory at 0.4% amid government efforts to stimulate the economy in June after the lockdowns.

As a result, China's crude throughput in June rose a further 1.9% month on month to 54.94 million mt in May, when the volume had rebounded 4.1% from a 35-month low of 51.81 million mt in April, NBS data showed.

The NBS releases data in metric tons, which S&P Global Commodity Insights converts to barrels using a 7.33 conversion factor. In barrels per day, throughput in June stood at 13.42 million b/d and was up 5.3% from May. But on a year-on-year basis, June throughput was down 9.7%.

In the upstream sector, China lifted its crude production by 3.6% year on year to 17.19 million mt or 4.2 million b/d of crude in June, a 6.5-year high. The previous high was 4.3 million b/d in December 2015, NBS data showed.

This brought the volume for the first six months up 4% year on year to 102.88 million mt or 4.17 million b/d due to the state-owned oil giants' efforts to ensure national energy supply security.

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Tags: CHINA, OIL,