Chinese refiners have yet to start ramping up their operating runs, almost a month after Iran and the US signed an initial MOU.

With the US and Iran launching attacks in the Mideast, some refineries may ramp up runs more slowly or hold off on raising runs, possibly through early August.

Chinese refiners have yet to start ramping up their operating runs, almost a month after Iran and the US signed an initial MOU.

China's refinery throughput fell to its lowest level since 2020 in June as refiners cut processing due to weak fuel demand, expensive crude, and reduced Middle East oil supplies.