China achieved a major achievement by recording the highest levels of crude oil refining at the beginning of this year, in preparation to meet the increasing demand for fuel during the Lunar New Year holiday.

Government data revealed that the volume of refined oil in January and February amounted to 118.76 million tons, recording the highest level ever, an increase of 3% year-on-year, and this is equivalent to refining 14.51 million barrels per day, according to Bloomberg calculations.

China witnessed a huge jump in demand for fuel as people began traveling for the Lunar New Year holiday in mid-February, and the use of private cars increased significantly. The number of passengers on roads increased by 54% compared to 2019, while airlines saw an increase in the number of passengers by 19% compared to the highest level before the Corona pandemic, according to Bloomberg NEF data.

The average recorded demand for oil during the period from the beginning of January to the end of February was 14.36 million barrels per day, an increase of 6.1% over last year.

Meanwhile, official figures showed that crude oil production nationwide reached 35.11 million tons, up 2.9% from last year.

This number is a strong indicator of the recovery of the Chinese economy. The demand for fuel is expected to continue to rise in the coming months. Which heralds a promising future for the energy sector in China.