China has been ahead of the US as the world’s top crude refiner for six of the last eight months. Of course, this year has been exceptional, and the US will likely regain the lead in 2021. But by the time US demand fully recovers from the Covid-slump more Chinese capacity will be onstream. The US may well be permanently overtaken for top spot in 2023 or 2024.
China’s refinery runs hit a record 14.24mn b/d in November, up a further 110,000 b/d on the previous record reached just a month earlier. Average runs of 13.41mn b/d for the first 11 months of 2020 are up 2.8% year-on-year. (CONTINUED - 523 WORDS)
