Crude oil processing volume steadily increased, and the refining and chemical industry is operating well.

Since 2026, China's refining and chemical industry has maintained stable operations, with crude oil processing volume steadily increasing, unit load remaining within a reasonable range, and overall industry profitability steadily improving. Data shows that in the first quarter, domestic crude oil processing volume increased by 3.1% year-on-year, with an average daily processing volume of 1.58 million tons. The average load of refining and chemical units was 85%, an increase of 2 percentage points compared to the same period last year.

In terms of product structure, in the first quarter, the output of refined oil products such as gasoline, diesel, and kerosene increased by 2.8%, 2.5%, and 4.2% year-on-year, respectively, with the production structure continuously improving its match with market demand. With the gradual recovery of demand from domestic transportation, industrial production, and other sectors, refined oil consumption has steadily increased, and market supply and demand are trending towards balance. At the same time, refining and chemical enterprises have increased the production of chemical raw materials, with the output of basic chemical raw materials such as naphtha and ethylene increasing by 3.5% and 4.8% year-on-year, respectively, providing ample support for the development of downstream chemical industries.

Industry insiders stated that the domestic refining and chemical industry is currently in a critical period of structural optimization and quality improvement. With the steady increase in crude oil processing volume and the continuous optimization of the product structure, the overall operating quality of the industry will be further improved. Going forward, as the plant maintenance season ends, refining capacity will be gradually released, and crude oil processing volume is expected to maintain steady growth in the second quarter, with the industry continuing to improve.