Consultancy FGE estimates a recovery of 50,000 barrels per day (bpd) for Shandong independents' crude runs in March, having dropped by 400,000 bpd between December 2024 and February 2025.
Runs should recover further in April and May when domestic diesel demand picks up seasonally, but remain 250,000 bpd below year-earlier levels, said Mia Geng, FGE's head of China oil analysis.
However, with more U.S. sanctions against Iran expected, feedstock supply uncertainties will continue to undermine profitability in coming months, Geng said.
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