Reuters
02 Jun 2026, 07:24 UTC · 1h ago
China allows output cuts by some money-losing independent refiners, sources say
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Reuters
02 Jun 2026, 07:24 UTC · 1h ago
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2 claims · impact-rated
China's state planner is allowing some independent refiners to reduce output starting in June. — Reduced refining output typically leads to lower demand for crude oil imports, putting downward pressure on global oil prices.
-0.60Beijing believes it can weather a potential oil shock caused by the closure of the Strait of Hormuz. — Increased state confidence in energy security suggests higher resilience to geopolitical shocks, potentially dampening the 'panic' premium in energy markets.
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