Review of China's Refining and Oil Market in 2023 and Outlook for 2024
The domestic refined oil market in China has gradually recovered after the Covid-19 pandemic.Along with the macroeconomic growth,the gradual recovery of the oil industry and the return of travel activities to normal,the consumption of refined oil has grown normally and exceeded the pre-pandemic level in 2019.Also on the supply side,the processing volume of crude oil and the production load of enterprises have rise sharply and climbed to a record high driven on the basis of the new refining capacity.In 2024,the whole refinery chain will deepen the transformation and development on the basis of continuous restoration.It is expected that the domestic refined oil consumption will return to the low-speed growth channel,with a small increase in gasoline,a continued recovery of jet fuel,and a slight decline in diesel.The domestic refining capacity will continue to grow due to the new refinery;and the market operation environment is expected to be further optimized on a basis of continuous systematic and comprehensive policies.
refined oil consumptionrefineryrefined oilgasolinejet fueldieselnew energy vehicleregulatory policy
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