Refineries along the coast lift crude runs Sinopec cuts oil product outsourcing from independent refineries China’s Sinopec has gradually lifted its throughput by more than 2 million mt, or 473,000 b/d, in March from February to lower crude inventory and make more space to store cheap crudes while China’s product demand recovers, company sources said this week. S&P Global Platts preliminary survey of eight Sinopec refineries showed that six along the coast increased their crude runs between 12,000 b/d and 43,000 b/d in March from February. These eight refineries were the Sinopec Guangzhou, Anqing, Dongxing, Shanghai, Qilu, Luoyang, Wuhan, and Hainan. “We have to raise crude throughput this month in a bid to lower our crude inventory,” a southern China-based Sinopec refiner said. The recent crude price plunge to below $40/b levels attracted Sinopec’s buying interest, […]