Many private refiners in China, often referred to as ‘teapots’, have started this year struggling, squeezed between higher prices for importing sanctioned oil and depressed refining margins amid sinking domestic diesel prices in the face of a faltering Chinese economy. China’s economy has struggled to take off and now the coming Lunar New Year holiday later this month has had operators reduce industrial activity. These factors have led to a collapse in diesel prices in China, and as a result—a crash in diesel refining margins,…
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