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China Petroleum & Chemical's 2025 Crude Oil Production Down 0.8%

China Petroleum & Chemical Corp :SAYS 2025 CRUDE OIL PRODUCTION DOWN 0.8%

China's naphtha imports to rise ahead of tax revamp, traders say

China's naphtha imports are expected to rise in early 2026 as traders prepare for a new consumption tax of 2,105 yuan ($302) per ton, which will increase costs for domestic suppliers. This tax, aimed at closing loopholes and boosting state revenue, is anticipated to pressure margins for petrochemical producers, particularly state-owned refiners. Analysts predict that importers will seek additional naphtha supplies in anticipation of reduced domestic demand due to the tax. CNOOC has already increased its naphtha purchases significantly this January compared to last year.

On Thursday, Venezuelan lawmakers will discuss oil reform issues that will allow foreign companies to produce and sell oil

Asia Distillates-Diesel timespreads ease slightly despite thin trade; Feb refiner sales ongoing

Asia's diesel market remains subdued, with timespreads easing slightly amid ongoing February refiner sales. Traders are monitoring China's expected diesel exports of 250,000-300,000 metric tons and jet fuel exports of 2.1 million tons. Refining margins have increased slightly to around $20 per barrel. Physical cargo activity is thin, with cash differentials stable at premiums of 15 cents per barrel. Indonesia's Pertamina is seeking jet fuel deliveries, while China's crude oil imports from Russia fell 0.7% year-on-year in December, despite reaching a high for 2025.

Mainland China will raise the prices of refined oil starting at midnight tonight

The National Development and Reform Commission announced that starting from midnight tonight, the domestic prices of gasoline and diesel will increase by 85 yuan per ton due to fluctuations in international oil prices. Companies such as PetroChina, Sinopec, and CNOOC must ensure stable production and supply of refined oil, and relevant departments will strengthen market supervision to maintain normal market order