Chinese Oil Refiners Slash Output After Crude Imports Plunge

Plunging crude imports forced Chinese oil processors to sharply reduce output last month, with runs in the state-owned sector dropping to multiyear lows.

Refiners are feeling the pinch after the near-halt to shipments through the Strait of Hormuz choked a vital channel for crude. The country processed 54.65 million tons of oil in April, 11% less than March and 5.8% lower than the previous year, the statistics bureau said on Monday.