Fuel oil imports into China jumped by 40% in July to the highest level in seven months as falling refining margins raised refiners’ interest in lower-cost feedstock and the province of the independent refiners increased tax rebates on imports. China’s fuel oil imports jumped to about 401,000 barrels per day (bpd) in July, up by 40% compared to the prior month, and up by 42% compared to July last year, according to customs data cited by Reuters. Chinese fuel oil imports had started recovering in June, following an 18-month low in May.…
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