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China's April oil refinery output plunges to two-year low as COVID curbs bite

Added 05-15-22 11:04:02pm EST - “China processed 11% less crude oil in April than a year earlier, with daily throughput falling to the lowest since March 2020 as refiners slashed operations on weaker demand due to widespread COVID-19 lockdowns. Crude throughput last…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “China's April oil refinery output plunges to two-year low as COVID curbs bite”. Below is an excerpt from the article.

BEIJING (Reuters) - China processed 11% less crude oil in April than a year earlier, with daily throughput falling to the lowest since March 2020 as refiners slashed operations on weaker demand due to widespread COVID-19 lockdowns.

Crude throughput last month was 51.81 million tonnes, equivalent to 12.61 million barrels per day (bpd), data from the National Bureau of Statistics (NBS) showed on Monday.

Processing volumes for the January-April period were down 3.8% on the year at 223.25 million tonnes, or 13.58 million bpd.

With tight lockdowns that first centred in the financial hub of Shanghai before spreading across the nation, China's demand for refined oil products has been falling, with gasoline and aviation fuel the worst hit.

To counter slowing fuel sales and bulging inventories, state refiner Sinopec began reducing operations since the second half of March to around 86% of capacity, down from 92.5% earlier in the year.

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