China’s crude oil refining rate fell to the lowest level in 2 years in July

The National Bureau of Statistics (NBS) reported that China’s crude oil refinery output declined in July. It reached the lowest level since March 2020 as many state-owned refineries abruptly shut down operations, while many private refineries reduced capacity due to lower profit margins.

Crude oil refining fell 8.8% year-on-year in July to 53.21 million tons or 12.53 million barrels per day. This is the lowest daily refining rate since March 2020, compared to 13.37 million barrels per day in June.

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