China's Refinery July Crude Oil Processing Volume Increased By 4% Year-on-year

According to data released by the National Bureau of Statistics on Wednesday, crude oil processing in China's refineries increased by 4% in July from a year earlier, as refining margins rose and new refineries went into production.

According to the data, China's refinery processed 52.6 million tons of crude oil in July, about 12.39 million barrels per day, but less than the processing volume of 13.07 million barrels per day in June.

Refining refinery profits are on the rise, mainly due to the expansion of industrial activity to boost diesel demand.

The average loss of crude oil processed by refineries has narrowed to the level of break-even point, and some refineries whose production lines turn to chemical products have even turned around.

The National Bureau of Statistics of China announced that from January to July 2019, China's refineries processed 369.73 million tons of crude oil, or about 12.73 million barrels per day, an increase of 5.6% year-on-year.

China's crude oil output in July increased by 2.5% year-on-year to 16.29 million tons, or about 3.84 million barrels per day, slightly lower than the level of 3.92 million barrels per day in June.