China's crude oil output in March is at a record high, but the country's March oil consumption has slowed due to Middle East supply concerns

China's crude oil output in March fell 2.2% year-on-year as the Iran war curbed refinery operations, while domestic crude production?hit?a record high.

The National Bureau of Statistics reported that the refinery throughput of the second largest oil consumer in the world in March was 61.67 millions metric tons or approximately 14.52 million barrels a day.

According to data, the output in the first three months of the year increased by 1.1%, to 184.31 metric tons or 14.95 millions bpd.

Oilchem, a Chinese consultancy, reported that refineries only used 68.79% their capacity in March, down by 0.9 percentage points compared to a year ago and 4.47 percentages points from February.

In a report, the company said that the decline in utilisation rates was due to 'various factors, including crude supply risks.

Refineries in China produced 36.13 millions tons of oil-based products in March, a decrease of 1.25% compared to the same month last year. Gasoline production fell by 2.95%, to 13.51 millions tons. Diesel output increased by 0.88%, to 17.49 millions?tons.

Oilchem reported that the kerosene production dropped by 3.72%, to 5.13 millions tons. This was the largest decline of the three.

Official data also showed that domestic crude production in March rose by 0.2% on an annual basis?to 19,07?million tonnes, or 4,49 million bpd. This is a record for a single-month.

China's oil output in the first three months of this year was 54.8 millions tons or 4.44 million barrels per day, an increase of 1.3% over a year ago.

The output of natural gas rose by 3% in March to 23.4 billion cubic metres. In the first three months, it totaled 68.1 bcm and was up by 3% on an annual basis. (ton = 7.3 barrels of crude oil for conversion) (Reporting and editing by Neil Fullick in Beijing, Lewis Jackson reporting from Beijing)

(source: Reuters)