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

Run rates at so-called teapots fell to 50.5% in the week to June 21, dropping below pandemic-era lows to the weakest since 2017