China's crude oil throughput in October rises by 6.4% on an annual basis

China's crude throughput increased 6.4% on an annual basis in October as refiners increased throughput to improve margins.

According to the National Bureau of Statistics, data released on Friday showed that the world's second largest oil consumer processed approximately 14.94 million barrels of crude per day in October.

The daily rate decreased by 2.1% compared to September's 15,26 million bpd. This was the highest level recorded since September 2023.

According to data, the crude oil throughput between January and October was 614.24 metric tons or 14.75 millions bpd. This is 4% higher than the same period in the previous year.

State-run refiners increased crude runs during the second half to take market share away from private refiners. They also maximized their fuel export quotas in order to increase margins.

NBS data showed that China’s crude oil production rose by 1.3% in October compared to a year ago, reaching 18 million metric tonnes or 4,24 million barrels per day.

The crude output in the first 10 month of the year increased by 1.7%, to 180.64 metric tons or 4.34 millions bpd.

The production of natural gas rose by 5.9% to 22.1 billion cubic meters in October compared with the same month a year ago. The total output for the year up to October was 217.0 billion cubic meters, an increase of 6.3%. (Reporting and editing by Tom Hogue; Sam Li, Lewis Jackson)

(source: Reuters)