Overview of March 2026 Oil Throughput
In March 2026, crude oil throughput experienced a notable decline of 2.2% year-on-year, totaling 61.67 million metric tons, which translates to approximately 14.52 million barrels per day. This drop in throughput indicates the challenges faced by refineries amid fluctuating oil supplies.
Causes Behind the Decline
The primary factor driving the reduced crude oil throughput in March was the adverse impact of concerns regarding supply disruptions from the Persian Gulf region. Such uncertainties tend to push refiners to lower their operations and adjust processing schedules to mitigate risks associated with unstable crude supplies.
Capacity Utilization and Industry Response
Capacity utilization during this month reflected this downturn, with rates falling to 68.79% from 73.2% in February. This noticeable reduction signifies the lowered operational capacity across the board, impacting overall industry performance. Notably, Sinopec, China’s largest refiner, announced a cut in its planned March processing by about 10%, indicating a widespread trend among refiners to respond to shifting market conditions.
This data, confirmed by the National Bureau of Statistics of China, highlights the ongoing volatility within the crude oil market and the adaptations made by major players in the industry to navigate these changes.
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