China’s refinery runs averaged 14.41mn b/d for the first two months of 2022, up 3.3% year on year for the highest two-month figure since Q2 2021, though November 2022 was somewhat higher at 14.55mn b/d.

The increase in throughputs comes as China’s economy starts to rebound from Covid lockdowns whilst the country’s independent refining sector hikes runs to take advantage of the surge in availability of cut-price Russian crude. This is creating significant competition for the likes of sanctions-hit Iran, for whom China is its key customer. (CONTINUED - 1835 WORDS)