China processed a reduced volume of crude oil in 2Q22
In 2Q22, China processed the least amount of crude oil since 1Q20, which is when the COVID-19 pandemic had the strongest effect on the country’s economic activity.
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According to the LNG Industry GIIGNL Annual Report 2022 by the GIIGNL, global trade in LNG in 2021 increased by 2.2 billion ft3/d, or 4.5%, compared with 2020.
Operable atmospheric crude oil distillation capacity, the primary measure of refinery capacity in the US, totalled 17.9 million bbl/d as of 1 January 2022, down 1% from the beginning of 2021.
The EIA forecasts that US refinery utilisation will reach as high as 95% on a monthly average basis this summer in response to high product prices and crack spreads for gasoline, distillate fuel oil, and jet fuel.
China processed record amounts of crude oil in 2021 to meet rising domestic consumption of petroleum products.
The EIA discusses the use of natural gas as a source of energy in the US.
Since the US began exporting more natural gas than it imports on an annual basis in 2017, natural gas exports both by pipeline and as LNG have grown significantly.
Consumption of ethane has grown every year since 2010 in the US, and more ethane is now consumed in the country than either jet fuel or propane.
The US Department of Energy has released 30 million bbl of crude oil from the US Strategic Petroleum Reserve to ensure an adequate supply of petroleum in response to Russia’s further invasion of Ukraine.
In 2020 and 2021, more than 2000 miles of new liquids pipelines were brought into service. This expansion has allowed natural gas processing plants to process more natural gas and to ship the extracted Y-grade mix to fractionation plants, at low cost.
