A Glance of China Oil Market 20260803

Weekly News

Sinopec scales back crude throughput by 6% in 1H26 in response to energy transition

Sinopec cut crude throughput 5.6% in H1 2026 as refined oil sales fell 9.2%, reflecting accelerating fuel displacement by EVs and LNG trucks. EV penetration reached 13.2% of China's vehicle fleet, with new EVs accounting for nearly half of new registrations. LNG and electric heavy-duty truck sales rose 18% and 77% YoY, respectively. The shift to higher-value petrochemicals has become a competitive necessity for refiners.

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New Zhongke terminal push South China LPG storage up 9.65% to 3.14 million CBM

South China's LPG import storage capacity rose 9.65% to 3.1359 million cubic metres after Zhongke (Guangdong) Refinery & Petrochemical's liquefied hydrocarbon terminal received its first VLGC (Very Large Gas Carrier) call on July 26, marking a significant expansion in the region's import infrastructure. Zhongke (Guangdong) Refinery & Petrochemical's new liquefied hydrocarbon terminal, located at Donghai Island in Zhanjiang Port, was the second 50,000-tonne dedicated liquefied hydrocarbon berth in the port. The new terminal had a designed annual throughput capacity of 2.52 million tonnes and a total storage capacity of 276,000 cubic meters.

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China prebaked anode exports rise 32.12% YoY in H1 2026

The General Administration of Customs of the People's Republic of China (GACC) data show China's prebaked anode exports reached 1,536,900 tonnes in the first half of 2026, up 32.12% year-on-year, with June exports surging 86.52% month-on-month to 339,000 tonnes. Imports remained marginal at just 719.19 tonnes, reinforcing the country's export-oriented market structure. Indonesia, Malaysia, Canada, Norway, and Spain were the top five destinations, together accounting for 74.84% of the total.

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