PetroChina cuts September throughput to 74% to cap bulging product stocks

摘要

Singapore—Bulging inventories and feeble demand have forced PetroChina to slash run rates to 74% in September from 78% in August, bucking the usual trend for refineries in China to boost throughput to yearly highs in the month to meet robust oil products demand. China’s monthly crude throughput has been the highest in September each year since 2017, but the trend is set to be reversed this year as PetroChina slashes its crude runs in the month and the rest of China’s refineries have no plans to make up for the country’s second-biggest refiner by capacity’s reduction.