According to Reuters, daily oil processing by refineries in China in June grew 9 percent compared to the same month in 2019. This is the highest level on record as refineries have raised activity amid a recovery in demand for gasoline and diesel.
"Refinery processing was high in June because both state and independent refineries maximized utilization rates to capitalize on good margins," said consultant Chen Jiyao of FGE.
According to data from the National Bureau of Statistics, the country processed 57.87 million tons of oil last month, equivalent to about 14.08 million barrels per day (bpd). That was above 13.68 million bpd in May and surpassed a record in December.