China’s refiners raise rates over early 2015 levels
3/14/2016 12:00:00 AM
BEIJING, March 14 (Reuters) -- China's January-February refinery throughput rose 4.6% compared to the same period a year earlier to 87.08 million tons, or 10.59 million bpd, data from the National Bureau of Statistics showed.
The daily run rate is down 1.8% compared with the record 10.79 million bpd in December.
The statistics bureau releases only combined data for the first two months of the year because the week-long Spring Festival holiday, which is based on a traditional lunar calendar, can fall in either month.
Meanwhile, China's January-February implied oil demand rose 0.6% from the same period a year earlier to 10.51 million bpd, according to Reuters calculations based on preliminary government data.
Preliminary implied oil demand is the sum of domestic refinery throughput and net imports of refined products, on a bpd basis.
Reuters will publish more detailed demand calculations later in the month, with a breakdown by product and with adjustments for estimate changes in commercial fuel stocks.
(1 ton of crude oil = 7.3 bbl)
(1 ton of refined products = 7 bbl)
(Reporting By Adam Rose; Editing by Robert Birsel)
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