Posting this as an ICYMI. It comes via Bloomberg (gated). In very brief:
- China’s refining sector is set up mainly to serve its domestic market
- The government controls how much fuel can be sent abroad via a quota system
- It had 17.5 million barrels a day of capacity at the end of 2020, and will reach 20 million by 2025
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China’s big state-owned refiners, which make up around three-quarters of the industry, were running at around 71 per cent of capacity on June 10
Output in China has been subdued for many months.
This article was originally published by Forexlive.com. Read the original article here.