Reported about 16 hours ago
China's refining sector is expected to see up to 10% of its oil refining capacity close over the next decade due to peak fuel demand, shrinking margins, and Beijing's efforts to eliminate inefficiencies. The tightening of U.S. sanctions may worsen the situation, pushing many older and less efficient plants, particularly independent producers in Shandong, towards insolvency. As demand falters, particularly driven by increased vehicle electrification, refinery output has already seen a decline, marking a critical turning point for the world's second-largest refining industry.
Source: YAHOO