Chinese refinery throughput falls to 16-month low

Oil

Chinese refinery throughput declined by 100K b/d m-o-m and 310K b/d y-o-y to 13.7M b/d in September, falling for the third consecutive month to the lowest level since May 2020, according to data from the National Bureau of Statistics (NBS). Refinery runs have been restricted by an ongoing power supply shortage which has limited downstream oil product demand, while independent refiners have also continued to face tight crude import quotas amid an attempt from the government to curb inefficient fuel processing, Reuters reported.