It is reported that Chinese refineries will reducethe current quarterly throughput before the National Day holiday, on the grounds that the state has imposed general restrictions on industrial activities in order to control pollution and reduce accident risks during the holiday.
According to official reports that the production cuts will not only affect throughput, but also affect the import rate of current quarter. It is said that most refineries in Zibo have issued mandatory caps on industrial activities, which will reduce crude oil throughput of independent refineries by 10-15%. An analyst from Beijing pointed out that if Zibo's upper limit was replicated throughout Shandong Province, it would affect one fifth of China's total refining capacity.
In February 2019, the output of Chinese refineries reached a new high with average of 12.68 million barrels per day. According to import data, most of the crude oil comes from abroad, importing more than 10 million barrels per day of crude oil to China for four consecutive months. After a brief decline, throughput returned to its highest level ever in April. China National Petroleum Corporation(CNPC), the largest oil company in China, said it expected the average processing rate of local refineries worldwide to be 12.68 million barrels this year.
So far, independent refineries have accounted for about 30% of China's petroleum processing capacity, with a daily petroleum processing capacity of 15 million barrels and is still increasing. According to Bloomberg's analysis released in March, without this restriction, refining capacity would increase by 880,000bdp this year.
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