China has added a few million barrels of capacity in last decade.
Independent refineries running at about 65% utilisation.
Exported about 60% less product in Q1 2022 than Q1 2021. But that's only half the story as they exported hard in Q1 and now very little export quota remains.
Some might say new Chinese refinery capacity flooded the market , refineries closed (3 in Australia and NZ), then china turned off the taps, and now created a local Chinese market where gasoline and diesel $60/bbl cheaper than global free market
"China’s refining capacity is ...underutilized and
its export quotas are lower than they were previously"
> Would be great if you can post graphs on China's
oil refining capacity and export quotas over the past decade.
China has added a few million barrels of capacity in last decade.
Independent refineries running at about 65% utilisation.
Exported about 60% less product in Q1 2022 than Q1 2021. But that's only half the story as they exported hard in Q1 and now very little export quota remains.
Some might say new Chinese refinery capacity flooded the market , refineries closed (3 in Australia and NZ), then china turned off the taps, and now created a local Chinese market where gasoline and diesel $60/bbl cheaper than global free market
Timing is always difficult in a market and I agree China may show its hand soon.