China’s Oil Refining Tumbles to 14-Month Low Amid Crackdown
- Daily processing below 14m b/d for first time since May 2020
- Covid-19 resurgence is hampering fuel consumption this month
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China’s oil refining slumped to the lowest level in 14-months as private processors scaled back operations amid a crackdown by authorities.
Daily crude processing fell below 14 million barrels a day last month for the first time, and to the least since May 2020, according to Bloomberg calculations based on government figures released on Monday. The independents trimmed refining rates by 8% in July from a month earlier, data from OilChem show.