In 2022, refiners in China processed less crude oil than they did in 2021, which was the first year-over-year decrease in processing according to data going back to 2000. Reduced refinery activity in China resulted from numerous factors, including mobility restrictions related to the COVID-19 pandemic and low petroleum product export quotas. According to China’s General Administration of Customs, refiners in China processed an average of 13.5 million barrels per day (b/d) of crude oil last year, a 4% decrease from 2021’s record high of 14.0 million b/d. The 2022 reduction in crude oil processing was greatest from ... (full story)