SINGAPORE: China's refinery output hit a record in 2021, up 4.3 per cent from 2020, on robust first-half fuel demand in particular and as refiners ramped up processing to fill a supply gap after a hefty new tax closed loopholes in blending fuel imports.
December output was 58.73 million tonnes, or about 13.83 million bpd, down 2.1 per cent on year, reversing a brief rebound in November when state refiners raised processing to plug a short-lived diesel supply crunch. Output surged nearly 11 per cent on the year in the first half of 2021, as a rebound in car sales bolstered gasoline use and booming domestic air travel lifted aviation fuel consumption.
Production, however, declined in the third quarter amid a resurgence in coronavirus cases and as a drastic cut in fuel export quotas hurt plant operations.
Singapore Latest News, Singapore Headlines
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