China Refinery Output Drops 2.2% Amid Crude Squeeze
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- China processed 2.2% less crude last month, averaging 14.52 million barrels per day, due to war-related supply constraints.
- China saw gasoline production drop 2.95% to 13.51 million tons and kerosene output fall 3.72% to 5.13 million tons in March.
- China reported a record high in domestic oil production at 4.49 million barrels per day in March, up from a quarterly average of 4.44 million barrels.
- China imported 2.8% less crude oil in March than a year earlier, though year-to-date imports were up 8.9% due to ongoing stockpiling.
- China's natural gas imports fell 11% in March, with liquefied natural gas imports possibly down 22% to 3.74 million tons.
Why it matters: Despite building strategic reserves since 2024, China’s refining activity has contracted due to supply disruptions from Middle East conflicts, affecting fuel output even as domestic production hits record highs—this shift insulates it from price shocks but reveals logistical vulnerabilities in its energy supply chain.
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