Small-scale private refining capacity’s share fell to 21% in 2021 Call for more oil product export quota to offset stock pressure NEV sales up despite fall in total car sales China’s refining capacity is expected to hit 937 million mt/year, or 18.81 million b/d, overtaking the US to become the world’s top refiner in 2022, the country’s oil giant CNPC’s Economics & Technology Research Institute said on April 12. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now At the same time, the refining sector is facing the headwind of high feedstock prices amid the Russia-Ukraine conflict, while the resurgence of COVID-19 dampens domestic oil demand this year. Adding to the rising market share of new energy vehicles, or NEV, China’ oil demand peak would arrive earlier than expected, experts said during ETRI’s report release. The country’s refining capacity is expected to rise […]