Chinese refinery runs stood at 12.28 million bpd last month, higher than the same time last year but lower than the previous month and the month before, when runs reached an all-time high of 12.49 million bpd, Reuters reports , citing Chinese statistics data. The monthly decline came on the back of lower international oil prices and a consequent lowering of fuel prices that pressured refiners’ margins. But sales of fuels also slowed down during the month, which also contributed to refiners’ decision to process less crude. Reuters also notes, however, that the average daily processing rate for the 11 months of 2018 is on track to beat previous records, standing at 12.12 million barrels, or a total of 554.48 million tons. Refinery throughputs in the world’s second-largest consumer of oil were earlier this year affected by a tax regime overhaul that squeezed the profit margins of the so-called […]