China Orders Refiners to Keep High Output Through Q1

China's state planning agency has told some of the country's top oil refiners to maintain high processing rates through the first quarter. The directive aims to avoid a repeat of the winter fuel shortages seen last year, people familiar with the matter told Bloomberg.

The request runs counter to the typical seasonal pattern. Refineries normally slow runs for maintenance ahead of spring. Keeping units running hard through March would sustain demand for crude imports. It also risks building excess fuel stocks on a market already awash in products. The priority is domestic supply security after several regions ran short of heating oil and diesel in late 2022.