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 per cent increase in its annual throughput this year.
That will likely lead to 6.2 per cent growth in this year’s crude oil imports to 540 million tonnes, or 10.8 million bpd, the research unit said. The CNPC think tank also predicted that the country’s refineries will operate at an average of 79.4 per cent of their capacity in 2023, up from 73.6 per cent last year. China has become the world’s largest refiner following a recent petrochemicals-led expansion.
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