Chinese runs fall to multi-year low

摘要

China is cutting crude runs signifcantly this month to bring ballooning product stocks under control. But some refners see crude buying opportunities. Up to 1mn b/d of crude capacity is shutting this month and refners will sharply cut throughputs at those plants still running, Argus surveys indicate (see graph). These measures are likely to push refnery runs down to 9.68mn b/d, the lowest in fve and a half years. This would leave runs 4.1mn b/d down on the most recent national throughput fgures published by the national bureau of statistics.