Sinopec Qingdao Refining and Chemical Company’s refinery in Qingdao, Shandong
Competition heating up for Chinese refiners
Slowing demand growth and capacity expansions will squeeze refiners in coming years
China’s crude oil throughput continued to set record highs in the first quarter of 2024, as refiners ramped up operations to meet holiday demand in February and March. But lower growth in March supports the view that throughput will expand more gradually this year. A slower increase in refinery runs will lead to pressure on refining and marketing margins for China’s three NOCs—which account for three-quarters of refined oil product output—and could potentially drag on oil import growth. Crude oil processing in the world’s second-largest oil consumer reached 182.46mt in Q1, equivalent to 14.7m b/d, according to government data. The volume was up by 2.4% year-on-year and 0.5% higher than the 1
Also in this section
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
