Chinese refiners are expected to process more than 13 million barrels of crude oil per day for the first time ever in the third quarter this year, a Reuters survey of 20 refiners showed on Monday. The rise in processing rates at China’s refineries is also expected to result in a worsening glut of refined oil products on the domestic market, and some refiners may opt to reduce run rates or focus on chemicals in order to avoid direct competition in transportation fuels, which will further dampen refining margins in China and the region. In…
