China’s independent “teapot” refiners have slashed processing rates to their lowest level since 2017 as weak fuel demand, high crude costs, and export restrictions continue to squeeze profitability.

China's independent oil refiners in Shandong cut operating rates to roughly 50%, a nine-year low, as losses mount on every barrel processed.

China’s independent “teapot” refiners have slashed processing rates to their lowest level since 2017 as weak fuel demand, high crude costs, and export restrictions continue to…