China's 2021 refinery output up 4.3% to fresh high on fuel demand

China's refinery output hit a fresh high in 2021, up 4.3% from a year earlier on robust fuel demand especially in the first half of the year, and as refiners ramped up processing to fill a supply gap after a hefty new tax closed loopholes in blending fuel imports.

Total refinery throughput last year reached 703.55 MM tons, or 14.07 MMbpd, data from the National Bureau of Statistics showed on Monday, roughly 620,000 bpd above the 2020 level.

December output was 58.73 MM tons, or about 13.83 MMbpd, down 2.1% on year, reversing a brief strong rebound in November when daily processing touched 14.51 MMbpd.

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