China’s Oil Processing Drops as Refining Margins Weaken

China saw its oil refining output decline in May compared to the same month last year amid falling refining margins and planned seasonal maintenance, according to official Chinese data out on Monday. Refiners in China processed 14.25 million barrels per day (bpd) last month, down by 1.8% year-over-year, according to data in tons from the National Bureau of Statistics (NBS) converted into barrels by Reuters. The refining output fell from the May 2023 level of 14.6 million bpd and from 14.3 million bpd of refinery output in April 2024.  …