SEATTLE (Oil Monster): According to analyst at Commerzbank, Chinese refineries processed more crude oil during the month of August this year.
According to Carsten Fritsch, who cited figures from the National Bureau of Statistics (NBS), the nation's refineries processed 63.46 million tons of crude oil in total. Compared to the amounts processed in the same month last year, this represents a 7.4% increase. The volume of monthly processing jumped to its greatest point in 17 months.
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At 14.7 million barrels per day, the processing volume was little around 15 million barrels. Additionally, during the month, refinery utilization rates increased to 72%. According to records, the nation has processed 488 million tons of oil in total. In comparison to August 2024, this was somewhat higher by 2%.
Throughout the month, oil stocks rose sharply. By August of this year, oil reserves were just over 1 million barrels per day, almost twice as much as they were in July. The build-up of stocks was caused by a notable increase in crude oil imports and a slight increase in local crude output, according to a Commerzbank analyst.
In 2025, there was an upswing in Chinese demand. It's unclear, though, how long this high demand scenario will last. It should be mentioned that the nation reported lower imports and processing volumes in 2024.
