Expanding refining capacity in the world’s largest oil importer, China, continues to support the global oil market and demand, even at times when demand elsewhere is tepid.
The expansion of refining capacity in China—thanks to new refineries from state oil majors and from independent refiners, which were allowed to import crude oil under government-allocated quotas five years ago—has supported global oil demand, even at the price of exacerbating a fuel oversupply in China and increase Chinese exports to other Asian markets, depressing regional refining margins.
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