China refined 2% less oil in March than a year earlier, with throughput falling to its lowest level since October as a surge in crude oil prices squeezed margins and tight COVID-19 lockdowns hurt fuel consumption. Refining volume last month was 58.59 million tonnes, equivalent to 13.8 million barrels per day (bpd), data from the National Bureau of Statistics (NBS) showed on Monday. That compares with 14.08 million bpd in March 2021 and 13.98 million bpd in the January-February period this year. Global crude oil benchmarks soared to nearly $140 a barrel in early March over fears of supply disruption following Russia’s invasion of Ukraine. The price risehurt refining margins. Russia calls its actions in Ukraine a “special operation”. First-quarter throughput in China fell 1.5% […]