China’s oil refinery throughput in May rose 15.4% from a year earlier, data showed on Thursday, as refiners brought units back online from planned maintenance.

Total refinery throughput in the world’s second-largest oil consumer was 62.0 million tonnes last month, data from the National Bureau of Statistics (NBS) showed, equivalent to 14.6 million barrels per day (bpd).

That compared with 12.7 million bpd in the same period last year, reflecting a low base effect because of the impact of extensive COVID-19 lockdowns during the same period last year. April throughput was 61.1 million tonnes, or 14.87 million bpd.

Refinery runs have remained high even as downstream demand for refined fuels falters, amid a patchy economic recovery.

Weakness in the property and construction sectors has weighed on diesel demand, whilst the worsening economic backdrop has pulled down travel-related demand for gasoline and kerosene, as well as higher-end refined petrochemicals used in plastics, paints and pharmaceutical products.

However, refiners have been expected to increase throughput to further boost inventory ahead of the summer travel season.

China’s crude oil imports in May jumped to the third highest level on record, totalling 51.44 million tonnes, or 12.11 million bpd, according to data from the General Administration of Customs released last week.

Last month, refinery capacity came back online after maintenance season. Sinopec’s 0386.HKZhenhai and Jinling refineries reopened after being closed in April, while state-owned PetroChina’s 0857.HK 100,000 bpd Changqing refinery also reopened at the end of May.
Source: Reuters (Reporting by Andrew Hayley; Editing by Christopher Cushing and Christian Schmollinger)