China Refinery Runs Fell To 15-Month Low In August

Refinery runs in China fell to the lowest in 15 months in August on the back of a sizeable cut in fuel export quotas and the latest wave of Covid-19, Reuters reports, noting that average daily throughput stood at 13.74 million bpd. The decline in refinery run rates comes amid a government crackdown on independent refiners—the so-called teapots. These teapots have come to account for a considerable portion of oil imports and fuel exports, which have contributed to a regional fuel glut that pushed down refiners’ margins. Beijing moved has involved…