Chinese independent refineries reduce output to decade low

Independent oil refinery utilization rates in China dropped to their lowest level in nine years, reaching 50.5% for the week ending June 21. This reflects the impact of the US-Iran war and its aftermath, including weakened domestic demand, rising feedstock costs, and export restrictions, all of which led to reduced production and shrinking profit margins. Despite Iran's efforts to recover its exports, the poor economic viability continues to limit a rebound in Chinese oil imports.

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