Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » China 2023 oil refinery output forecast to rise 8% on demand recovery

    China 2023 oil refinery output forecast to rise 8% on demand recovery

    March 28, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *PetroChina’s Jinzhou refinery

    Beijing — China’s oil refinery throughput this year is forecast to rise 7.8%, according to a think tank of state energy group CNPC, reversing last year’s decline as the the world’s second-largest oil consumer is set for a recovery in fuel demand.

    Refinery throughput is estimated to reach 733 million tonnes, or 14.66 million barrels per day (bpd), for 2023, China National Petroleum Corporation’s (CNPC) Economics and Technology Research Institute (ETRI) said in its annual industry outlook released on Monday.

    With Beijing determined to revive its sagging economy after lifting COVID-19 controls last December, Chinese refined fuel consumption is expected to rebound with top refiner Sinopec earlier on Monday separately predicting a 3.3% increase in its annual throughput this year.

    “(We are) expecting refined fuel consumption to rebound progressively in 2023…with gasoline set for strong recovery, diesel fuel to hold steady and improving further while jet kerosene is bottoming out,” ETRI said.

    That will likely lead to 6.2% growth in this year’s crude oil imports to 540 million tonnes, or 10.8 million bpd, the research unit said.

    The growth is in line with forecasts by independent analysts predicting China’s oil imports will rise to new highs this year as a result of the COVID policy change and new refineries coming on stream.

    The CNPC think tank also predicted that the country’s refineries will operate at an average of 79.4% of their capacity in 2023, up from 73.6% last year. China has become the world’s largest refiner following a recent petrochemicals-led expansion.

    Natural gas consumption is seen rising 5.2% this year to 386.5 billion cubic meters, the outlook said. China’s state economic planner reported that gas consumption fell by 1.7% last year in its first decline in two decades as pandemic measures and high global prices suppressed economic activities.

    The CNPC think tank predicted that China’s gasoline output will increase by 7.6% this year to 156.4 million tonnes, diesel output will rise by 6.1% to 202.9 million tonnes and jet fuel production will surge by 18.4% to 34.9 million tonnes.

    Reporting by Andrew Hayley. Writing by Dominique Patton and Chen Aizhu; Editing by Christian Schmollinger and Louise Heavens- Reuters

    Follow us on twitter

    Related News

    Angola’s Block 17 partners sign license extension

    Tinubu pardons Ken Saro-Wiwa, confers national honours on Ogoni Nine

    NCDMB Executive Secretary becomes member of APPO Board

    E-book
    Resilience Exhibition

    Latest News

    LASG approves seven dedicated truck parks for Lekki Port axis

    June 13, 2025

    NCDMB Executive Secretary joins AEW 2025 amid focus on enhancing local capacity

    June 13, 2025

    AfDB to provide $184.1m for Africa’s largest solar energy and battery storage project

    June 13, 2025

    NSC seeks closer collaboration with Police to boost port enforcement

    June 13, 2025

    Can the African Energy Bank transform the continent’s refining and downstream future?

    June 13, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.