BEIJING: China’s oil refinery throughput this year is forecast to rise 7.8%, according to a think tank of state energy group CNPC, reversing last year’s decline as the world’s second-largest oil consumer is set for a recovery in fuel demand. Refinery throughput is estimated to reach 733 million tonnes, or 14.66 million barrels per day (bpd), for 2023, China National Petroleum Corporation’s (CNPC) Economics and Technology Research Institute (ETRI) said in its annual industry outlook released on Monday.
With Beijing determined to revive its sagging economy after lifting COVID-19 controls last December, Chinese refined fuel consumption is expected to rebound with top refiner Sinopec earlier on Monday separately predicting a 3.3% increase in its annual throughput this year.
“(We are) expecting refined fuel consumption to rebound progressively in 2023...with gasoline set for strong recovery, diesel fuel to hold steady and improving further while jet kerosene is bottoming out,” ETRI said.
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