Fuel Glut Forces Chinese Refiners To Cut Oil Processing Rates

Higher oil prices and a fuel glut in Asia are depressing refining margins, likely forcing China’s independent refiners to scale down crude oil processing rates in the third quarter, traders and analysts told Bloomberg. Earlier this year, at the peak lockdown in other countries, China’s independent refiners, the so-called ‘teapots’, gobbled up crude oil at ultra-low prices when they plunged in March and April.   Chinese refiners boosted their run rates by 11 percent in April compared to March, as…