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China’s State Refiners Led Record Oil Processing Volumes in 2021

  • Opening of large, integrated plants increased domestic demand
  • Crude output climbed 2.4% with Bohai becoming biggest field
Cyclists ride past a PetroChina Co. gas station in Shanghai.
Cyclists ride past a PetroChina Co. gas station in Shanghai.Photographer: Qilai Shen/Bloomberg

China’s oil processing volumes rose more than 4% to a record last year as state-owned refiners boosted output and new integrated plants came online.

Crude refining climbed to 703.55 million tons, or 14.13 million barrels per day, according to data released Monday by National Bureau of Statistics and Bloomberg calculations. That was 4.3% more than in 2020 and 7.4% higher than 2019. Daily volumes in December were down 4.7% on the previous month.