China's Refiners Slash Runs To Lowest Since 2017, As Asia Refiners Slow Purchases Of Mid-East Oil

China's independent oil refiners have dramatically cut their operational rates to the lowest levels since 2017, driven by plunging margins and weak demand amid a global oil price war exacerbated by the conflict in Iran and government efforts to control domestic fuel prices. This downturn reflects broader trends in Asia where refiners are reducing their purchases of Middle Eastern oil, signaling a significant shift in regional energy consumption patterns. The implications are substantial, as this move could affect global oil markets and supply chains, highlighting the vulnerabilities exposed by geopolitical tensions and economic policies.