Chinese refiners have reduced the amount of crude they’re turning into fuels by about 15%, and may deepen those cuts in coming weeks. State-owned and private processors have pared back refining by at least 2 million barrels a day as of last week, according to people with knowledge of operations at the nation’s biggest complexes.
SINGAPORE: At least three Asian oil refiners will take delivery of less Saudi Arabian crude than planned in March as the virus dents demand for fuel and creates a glut of alternative supplies, according to people with knowledge of the companies’ imports.
The companies, which include two Chinese buyers, requested the lower volumes as part of their long-term supply contracts with Saudi Aramco, according to the people, who asked not to be identified due to company policy.
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