Data from the National Bureau of Statistics showed China's overall output of six major oil products fell by an average of 12.5 percent year on year at 33.85 million mt in March. That level is the lowest monthly output since October 2014 and heavier than the 6.6 percent decline in crude throughput during the month.
The Bureau of Statistics did not release the monthly output data for January and February.
Down from 72.2 percent in 2019, the total volume of the six major oil products accounted for 67.6 percent of total crude throughput in March.
China's total oil demand estimated to slump 12 percent year on year in Q1, with declines of 21.3 percent for gasoline, 10.5 percent for gasoil and 34.5 percent for kerosene/jet fuel. Meanwhile, the decline in China's oil demand in April to June is expected to ease to 7.2 percent year on year. Down 2 percent year on year, the country's oil demand for 2020 estimated at 14.41 million b/d.
About 6.5 million mt of compliant fuel expected from Sinopec over February-December. PetroChina from February-March onwards is likely to produce 200,000-250,000 mt/month.
