Capacity offline in March lower than a year earlier Higher oil product yield to partly offset run cut Shandong independent refineries cut runs to 56% China’s crude throughput in March is set to be lower than in February as state refiners cut operating rates for scheduled maintenance, while independent refineries further lower throughput due to weak refining margins and sluggish demand amid a domestic COVID-19 resurgence, latest data from S&P Global Commodity Insights showed March 25. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The country’s crude throughput averaged 14.04 million b/d over January-February, according to National Bureau of Statistics data. The average utilization rate at China’s four state-owned refiners has fallen to around 80.9% in March from a three-month high of 82.7% in February, despite being two percentage points higher than the 78.7% utilization rate a year earlier. Sinopec is the […]