PetroChina To Cut Refinery Throughputs

Oil

PetroChina is planning to cut crude runs by 320K b/d, or 10%, in February as the coronavirus outbreak curbs fuel demand, reports Reuters. Combined with Sinopec and CNOOC, this puts run cuts by state-refiners in February to about 940K b/d. PetroChina’s cut is likely to deepen to 377K b/d in March. Independent Chinese refiners in Shandong have also significantly cut output to below half of their capacity.