AI Data Insight
China recorded gasoline production of 12.606 million tons in November, a MoM increase of 1.13% and YoY increase of 2.15%. Although slightly recovering from October's low, it remains significantly below Q3 peak season levels. Constrained by the structural substitution of fuel demand as New Energy Vehicle (NEV) penetration exceeds 50%, and a slowdown in overall refinery operating rates in Q4, the recovery space for gasoline output remains under pressure.