Insight
Rise in Covid-19 leads to fall in China's refinery runs
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
We expect China to process about 1.5 million b/d less crude oil in February, versus January, due to measures to contain the Covid-19 outbreak. The cuts at refineries are in response to lower products demand and logistics and supply chain bottlenecks. Currently, we expect the restricted land movement and product offtake constraints to ease from mid-March. Jet fuel will be a main deciding factor for cuts in crude runs as it has been hit the hardest on the demand side and has the lowest refinery yields among all impacted products. We expect 1% of jet fuel yield to be shifted to gasoline and diesel/gasoil, resulting in lower exports. Gasoline will be the most affected export product, with exports forecast to fall by 250,000 b/d in February versus January. This could turn Asia’s gasoline market tight, supporting gasoline product cracks and imports from outside the region. We expect West African crudes to be the most impacted from this disruption while other sources will be less affected.
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Country Report
Global aluminium smelter asset cost summary
The Global Aluminium Asset Summary examines the cost environment in the base year as well as historically and forward five years.
$6,750
Insight
China economic focus August 2024: countering declining population
Falling population slows economic growth in China.
$950
Commodity Market Report
Russian Federation product markets long-term outlook H2 2018
In 2018, total products supply was in a position of surplus in the Russian Federation relative to demand.
$9,450
