A growing number of independent refineries in China’s Shandong province are resorting to throughput cuts as crude oil’s steep surge above $100/b is starting to take a toll on refining margins, while the escalating Russia-Ukraine conflict squeezes access to risk-free and cheap Russian crudes. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The developments could potentially add to oil products supply shortage in China in March and April when many refiners would undergo maintenance, capping the country’s oil products exports, refinery sources told S&P Global Commodity Insights March 8. The average utilization rate of independent refineries in Shandong, which had fallen below 70% in January, has not seen a strong revival despite Beijing Olympics having ended in […]