According to Beijing-based National Bureau of Statistics, Chinese refineries processed 44.34 million metric tons of crude in August 2015, showing an increase of 6.5 percent from the same month last year which accounts for about 10.48 million barrels a day, 1.8 percent higher than July, 2015.

Sinopec and CNPC/PetroChina, the two national oil companies lead the oil refinery sector of China. Sinopec with a refinery capacity of 5mbd accounts for more than 45% of the country's refinery capacity, while CNPC/PetroChina accounts for about 31% of the country's refinery capacity.

This year could see a further fall in oil prices as the global oil market is reported of being overstocked as per People's Daily China. However, the supply and demand of China's refined oil market seems to be increasing at a steady pace. Peng Yuanzheng, Vice-President of China Petroleum Enterprise Association, said that developments and investments were likely to get affected as oil prices continued to be on the decline.

According to the blue book report issued by China Petroleum Enterprise Association and China Oil and Gas Industry Development Research Center, global economic recovery would continue to be uncertain in 2016 and stable oil supply by OPEC members and the U.S. shale gas boom will ensure excess of crude oil.

Crude Oil Production in China increased to 4300 bbl/d/1k in November from 4259 bbl/d/1k in October of 2015 and was at an all-time high of 4409 bbl/d/1k in June of 2015. China's annual crude oil production of 2015 as reported by People's Daily China was 213 million tons showing an increase of 1.8 percent from last year.