Asian Oil Refiners Could Cut Run Rates on Hormuz Logjam

Asian oil refiners are considering whether to cut run rates or bring forward maintenance as the widening Middle East war and difficulties shipping through the Strait of Hormuz threaten their access to crude.

Some major processors are looking at run cuts of 20% to 30% as dozens of oil-laden tankers remain stuck in the Persian Gulf, said people with knowledge of these deliberations. Chinese and Japanese refiners — particularly state-owned and larger companies — are most likely to reduce rates, given their heavy reliance on crude from the gulf, said the people, asking not to be named as the information is private.