{"id":119908,"date":"2021-08-16T03:48:01","date_gmt":"2021-08-16T03:48:01","guid":{"rendered":"https:\/\/fin2me.com\/?p=119908"},"modified":"2021-08-16T03:48:01","modified_gmt":"2021-08-16T03:48:01","slug":"china-refinery-output-falls-to-lowest-in-14-mths-as-teapots-cut-runs","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/china-refinery-output-falls-to-lowest-in-14-mths-as-teapots-cut-runs\/","title":{"rendered":"China refinery output falls to lowest in 14 mths as teapots cut runs"},"content":{"rendered":"<p>SINGAPORE\/BEIJING (Reuters) &#8211; China\u2019s daily crude throuhgput last month fell to the lowest since May 2020 as independent plants slashed production amid a tighter quotas, high inventories and weakening profits.<\/p><figcaption>FILE PHOTO: China National Petroleum Corporation (CNPC)&#8217;s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. REUTERS\/Chen Aizhu\/File Photo<\/figcaption><p>Last month\u2019s processing volumes were 59.06 million tonnes, or 13.9 million barrels per day (bpd), 0.9% below the same month of 2020, data from the National Bureau of Statistics (NBS) showed on Monday.<\/p>\n<p>That was the first year-on-year decline since March last year when coronavirus hammered Chinese fuel demand, and the July level was down 6% from off June\u2019s record at 14.8 million bpd.<\/p>\n<p>Total throughput during the first seven months of 2021 reached 412.41 million tonnes, up 8.9% from a year earlier, largely reflecting the economy\u2019s recovery from the initial impact of the coronavirus pandemic.<\/p>\n<p>Volumes fell in July as independent plants scaled back processing in the face of tightening quotas as Beijing stepped up scrutiny of irregular trading of the permits.<\/p>\n<p>\u201cIndependent plants were facing tighter feedstock supplies and weakening margins. Some took to overhauls, other cut processing,\u201d said Zhou Mi, analyst at Chinese commodities consultancy JLC.<\/p>\n<p>These plants, sometimes known as teapots, operated crude processing capacity at 64.4% in July, down almost 14 percentage points from July 2020, according to JLC.<\/p>\n<p>Throughput could take a further hit this month as a resurgence of coronavirus case in more than a dozen provinces is set to curb mobility.<\/p>\n<p>\u201cIt\u2019s going to dampen refined fuel sales, we\u2019re trimming August throughput by about 3% from previous months,\u201d said an official with a north China-based refinery.<\/p>\n<p>The NBS data also showed China\u2019s crude oil output in July at 16.87 million tonnes, up 2.5% from year-earlier level. Over the first seven this year, output rose 2.4% to 116.21 million tonnes.<\/p>\n<p>Natural gas output last month gained 9.8% from a year earlier to 15.8 billion cubic metres (bcm), while January to July production expanded 10.7% to 120.2 bcm.<\/p>\n<p>(tonne = 7.3 barrels for crude conversion)<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/us-china-economy-output-oil\/china-refinery-output-falls-to-lowest-in-14-mths-as-teapots-cut-runs-idUSKBN2FH09N\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SINGAPORE\/BEIJING (Reuters) &#8211; China\u2019s daily crude throuhgput last month fell to the lowest since May 2020 as independent plants slashed production amid a tighter quotas, [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":119907,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China refinery output falls to lowest in 14 mths as teapots cut runs - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/china-refinery-output-falls-to-lowest-in-14-mths-as-teapots-cut-runs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China refinery output falls to lowest in 14 mths as teapots cut runs - Fin2me\" \/>\n<meta property=\"og:description\" content=\"SINGAPORE\/BEIJING (Reuters) &#8211; 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