China data: Mar oil products output rises 4% on year, yield shrinks
China’s production of LPG, naphtha, gasoline, jet/kerosene, gasoil and fuel oil rose around 4% year on year in March following a 8.3% rise in crude throughput, according to S&P Global Platts calculations based on data released by the National Bureau of Statistics.
China processed 51.51 million mt, or an average of 12.18 million b/d, of crude oil in March, NBS data showed.
Among the six major oil products, jet/kerosene production registered the highest year-on-year jump of 14.6% to 4 million mt, NBS data showed.
Refineries have been raising jet fuel/kerosene yield to meet higher demand from the aviation sector in the past year, market sources said.
Fuel oil production in March, however, fell 10.2% year on year to 1.98 million mt, making it the only product that registered a year-on-year decline in production last month.
Naphtha production rose 7.7% year on year to 3.17 million mt, while LPG output increased 6.5% year on year to 3.29 million mt in March.
Gasoline output saw a 5.7% year-on-year growth, while gasoil production edged up 1.3% year on year last month, according to the NBS data.
The increased oil product output last month was estimated to have been digested via exports, market sources added.
China’s oil product exports hit a record 6.69 million mt in March, up 43.2% year on year and 91.9% month on month, preliminary data released by the General Administration of Customs showed. Month-on-month comparisons were not available as the NBS does not release separate crude output and throughput data for January and February.
In the first quarter, jet/kerosene production registered the highest year-on-year jump of 10.9% to 11.5 million mt. Fuel oil was again the only product to show a year-on-year decline in production in Q1, Platts calculations showed.