June refinery runs fell 17.7% year-on-year to 12.47 million bpd, the lowest since March 2020, amid fuel demand decline and supply disruptions.
China’s refinery throughput dropped to 12.47 million barrels per day in June, a 17.7% decline from a year earlier, marking the lowest level since the Covid-19 pandemic began in March 2020. The slump reflects weakening domestic fuel demand and disruptions in crude supply via the Strait of Hormuz.
The June figure represents the weakest processing volume in six years, according to official data. Prior months had shown gradual declines, but the pace accelerated as refiners cut runs sharply amid economic uncertainty and logistical challenges.
Markets are monitoring the data for signs of broader demand weakness in the world’s largest crude importer, with potential ripple effects on global oil prices and refining margins.