China’s Private Refiners Seek Beijing Approval to Cut Run Rates

China’s private refiners have sought government approval to cut oil-processing rates, a month after Beijing ordered them to produce at any cost in order to secure domestic fuel availability.

The processors — working through local authorities — have asked Beijing for permission to cut back as a war in the Persian Gulf drives up input costs and squeezes margins, people familiar with the matter said, asking not to be named as the request is not public.