The pace of growth in China’s crude oil imports appears to be slowing, as efects of slower economic growth, sluggish domestic demand and negative spill-over from re-escalating trade tensions with the US start to take their toll. China’s independent teapot refneries have been particularly hard hit by sluggish domestic market conditions, as they continue to be banned from directly exporting fuels since 2017. SOE refnery runs are also showing signs of fatigue, due to bearish market conditions at home, weak margins and persistent volatility in crude, although exports are providing a lifeline.
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