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China’s Refiners Cut Processing Rates To Lowest Since End March: OilChem

OIL PRODUCTS

China’s state-run oil refiners lowered run rates to 75.2% as of 25 May, down from 75.64% a week earlier and the lowest rate since late March, according to a note from consultant OilChem.

  • Run rates for Shandong teapots fell to 62.04%, while independent refiners nationwide cut run rates to 63.09%.
  • Sinopec continues work at Qingdao and Luoyang plants, while some teapots reduced runs amid a feedstock squeeze.
  • Earlier this month, China’s smaller independent refiners have ramped up fuel oil purchases to feed their plants as a customs crackdown squeezes supply of bitumen according to industry consultants and traders.
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