Chinese oil refiners have cut their daily run rates further, to around 10 million bpd, which is the lowest since 2014, according to industry insiders who spoke to Bloomberg. Refiners began lowering their run runs in response to the slump in demand for oil products because of the coronavirus outbreak. Earlier this month, OilX told Oilprice that state refiners had cut their processing rates by some 10 percent or 940,000 bpd but independent refiners had cut even deeper, at around 25 percent of what they processed before the outbreak. “Chinese processors may face the toughest time in the next two weeks,” ICIS analyst Li Li told Bloomberg. “Any additional production could be painful,” Li Li added, noting that rising inventories and depressed demand. The coronavirus outbreak pressured international oil prices significantly and the pressure is yet to start going away despite tentative suggestions that the rate of infection may […]