China’s Oil Refiners Are Slowing Down After Decades of Growth
- Most polled analysts see processing lower or flat year-on-year
- Soft economy, property woes, energy transition crimp fuel use
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China’s decades-long boom in oil processing could falter this year in a blow to global demand and the aspirations of OPEC+ producers seeking to return supply to the market.
Oil refining in the world’s top crude importer is expected to be flat or fall for the first time in data that extends back to 2004 — excluding a Covid-hit 2022 — according to most market watchers surveyed by Bloomberg. The IEA this week also reduced its processing forecast, but still sees a gain.