Refiners in China , the world’s second-biggest oil consumer, processed near-record volumes of crude last month as global prices slumped to the lowest level in five years amid a glut. Refiners increased crude processing by 5.5 percent from a year earlier to 42.25 million metric tons, or 10.32 million barrels a day, data from the National Bureau of Statistics in Beijing show today. That’s the second-highest volume this year and 2.9 percent less than last month’s record 43.51 million. “Oil processing is staying at a high level,” Amy Sun, an analyst at ICIS-C1 Energy, a Shanghai-based consultant, said by phone from Guangzhou today. “Refineries are running at high rates in the fourth quarter because of less maintenance amid stockpiling for winter.” China is benefiting as the Organization of Petroleum Exporting Countries maintains its output quotas even as benchmark prices fell 40 percent this year. Saudi Arabia , Iraq and […]