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Chinese Crude Runs Remain at Near-Record Levels in November
Crude runs in Chinese refineries stood at 49.43M metric tonnes in November, down 2.1% m-o-m but still 8% higher y-o-y and 5% higher than the monthly average in 2017 so far. Chinese crude runs for January-November 2017 stand at a total of 518.66M metric tonnes, 5.2% higher than the same period last year. The recent surge in refinery throughput is partly a result of the government’s decision to increase import quotas for domestic refiners, and crude buyers replenishing stocks ahead of the Chinese New Year in mid-February, according to Reuters.