May refinery runs fell 9.1% year-on-year to 53.72 million tons as crude imports hit an eight-year low.
Chinese refiners processed 53.72 million tons of crude in May, down 9.1% from a year earlier, marking the lowest throughput since 2020. The average run rate dropped to 66.3%, reflecting a sharp decline in crude imports amid rising prices.
Crude oil imports into China fell to their lowest level since 2018, according to official data. The drop in refinery activity follows weaker domestic fuel demand and higher global oil costs, which have pressured margins.
Markets are monitoring the slowdown as a potential signal of softer energy demand in the world’s largest crude importer.