The Strategist

CNPC expects growth of oil refining in China

03/28/2023 - 10:52

According to CNPC's research center, China's oil refining is predicted to increase by 7.8 percent this year. China's crude demand may be recovering after falling last year.

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According to a yearly forecast published on Monday by CNPC's Economics and Technology Research Institute (ETRI), China's refineries could process 733 million tons of oil in 2023, or 14.66 million barrels per day.

China's fuel consumption is anticipated to increase in 2023 as the economy recovers after the quarantine restrictions. For instance, Sinopec anticipates a 3.3% increase in crude refining this year.

According to the ETRI report, "We expect fuel consumption to recover in 2023... gasoline demand could show strong growth, diesel consumption could stabilize and move to growth moving forward, and jet fuel demand has bottomed out."