Chinese refineries processed a record of more than 12.1 million barrels per day (bpd) of crude oil in March, boosted by ample government import quotas and steady margins. The world’s second-largest oil user processed 51.51 million tonnes of crude last month, equivalent to 12.13 million bpd, according to the National Statistical Bureau. That beat the previous record of 12.03 mln bpd, set last November, the bureau’s data showed. Last month’s number compared with an average of 11.56 million bpd for the first two months, and 11.19 million bpd in March last year. Throughput for the first quarter gained 7.5 percent on-year to 148.72 million tonnes or 12.06 million bpd. That represents an increase in runs of 841,600 bpd during the period.
The record March refinery output echoes bumper crude oil imports into the world’s top buyer, which made its second-highest purchases on record last month. At the end of last year China issued 121.3 million tonnes of crude oil import quotas under its first batch of allowances for 2018, mostly to independent plants. That compared with a total of 93.2 million tonnes of quotas issued to independents in 2017. But crude runs are now expected to head lower as refiners enter the peak maintenance season. At least three major state refineries, with combined crude processing capacity of 860,000 bpd, have kicked off overhauls that will last 40-60 days between April and May. Four independent plants with a c