China "teapot" refiners crank up run rates as oil price war boosts margins [Reuters]
PetroChina Company Limited (PTR)
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Source: Reuters
China "teapot" refiners crank up run rates as oil price war boosts margins * “Teapot” run rate seen at 57% end-March vs 45% last week - analyst * Fuel demand recovering along with economic activity * State refiners maintain production cuts * Fuel pricing scheme provides buffer for margins By Chen Aizhu and Shu Zhang SINGAPORE, March 11 (Reuters) - China’s independent oil refiners are cranking up production as local governments begin to relax strict measures to contain the coronavirus and fuel demand begins to recover. A sharp plunge in crude oil markets triggered by the erupting Saudi-Russia price war has also boosted profit margins. Also known as ‘teapots,’ the mainly Shandong-based plants account for a fifth of China’s total oil imports. They are forecast to operate at 57% of their capacities by end-March, up from 45% last week, according to a survey of 44 plants by Chinese consultancy JLC Network Technology. “With further recovery in economic activities across the nation, demand fo
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