Sinopec, China refining

Since 2023 China has been the world's largest oil refiner, with about 18.5 Mb/d of capacity, ahead of the United States (EIA, 2024). Sinopec is its top operator and Asia's largest refiner, around 5.9 Mb/d, backed by the independent Shandong "teapot" refineries. This vast capacity makes China a central link in global refining; any contraction in its run rate, such as the rare output decline seen in 2024 amid weak domestic demand, feeds through to product markets and to world crude imports.