Japan Oil Refiners Fear Chinese Rivals Will Squeeze Them Out

Japanese oil refiners are worrying that China’s new fuel standards that are driving higher output will ultimately result in a deadly loss of market share for the Japanese firms.Bloomberg reports that the Japanese Trade Ministry has called in a task force including around twenty “top oil experts” to find a way out of the situation, which seems to be getting worse by the day. Japanese refiners were having a rough ride even before oil prices started sliding in 2014, as domestic demand waned. Now their market share abroad, in the…