China’s oil refining activity fell sharply in April after a plunge in crude
imports, with total processing down 11% from March and 5.8% year-on-year,
according to official data. State-owned refiners cut run rates to below 67% of
capacity, the lowest level in Mysteel OilChem data since 2021, as higher crude
costs and weak fuel demand pressured margins. Smaller private refiners partially
offset the decline after being directed to maintain output at 2025 levels to
stabilize fuel supply. The drop reflects tighter crude availability and ongoing
structural pressure from slowing fuel demand and accelerating transport
electrification in China.
