China's daily oil refineries processing rate reaches two-year high

China's crude throughput rose 6.8% in September compared to a year ago, according to official data released on Monday. The country's refineries also increased their utilization rates.

According to the National Bureau of Statistics (NBS), the world's second largest oil consumer processed approximately 15.26 million barrels of crude per day in September.

According to records, the daily processing rate has been at its highest level since September 2023.

Crude oil production from January to September increased by 3.7% to 550.81 metric tons or 14.73 millions bpd.

Oilchem, a Chinese consulting company, said that in its September report the utilisation rate of China's refineries reached its highest level this year.

Oilchem reported that the utilisation of state-owned refineries last month increased by 3.55 percentages points compared to a year ago, to 81.05%, while independent refiners' utilisation increased by 3.02 percentages points to 62.17%.

NBS data showed that China’s crude oil production rose by 4.1% in September compared to a year ago, reaching 17.77 million tonnes or 4,32 million bpd.

The crude oil output in the first nine months rose by 1.7%, to 162.63 millions tons or 4,35 million bpd.

The data revealed that the natural gas production in September was up 6.4% compared to the same period last year, reaching 194.9 billion cubic metres.

(source: Reuters)