China’s Oil Refiners Are Slowly Increasing Processing Rates
- One-fifth of virus-hit refining capacity returns to operation
- Private refinery rates fell to more than a 4-yr low in Feb.
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Oil refiners across China are increasing operating rates by about 3% a week as efforts to get the nation back to work boost fuel consumption.
State-owned and private plants will lift operating rates by about 300,000 barrels a day this week, following a similar increase last week, according to senior officials at the nation’s top refiners. That takes processing to about 10.6 million barrels of crude a day, a rebound from mid-February when throughput was slashed by 25% due to a collapse in consumption.