Refined oil production in China is estimated to decline 4.3m tonnes or 10.8% m-o-m in November while CDU capacity utilization rates fall 4% to 71.6% according to OilChem Throughput is expected to fall nearly 6m tonnes.

• Gasoline production is expected to fall 1.4m tonnes gasoline, Gasoil by 2.3m tonnes gasoil, and kerosene by 0.6m tonnes amid weakening demand.
• Independent refineries average capacity utilization rates have fallen to 63% from 70.34% in early October amid narrowing refining profits and limited crude supply due to falling quotas.
• Capacity utilization rates at state-owned refineries are expected to maintain the declining trend in place since October.
• Planned gasoline exports are expected to fall 0.5m tonnes in November, gasoil down 0.5m tonnes, and kerosene down 0.3m tonnes.

Source: OilChem