China’s state planner has told independent refiners not to cut run rates

China’s state planner has told independent refiners not to cut run rates below their average levels of the past two years, several sources familiar with the matter said on Thursday, in a bid to safeguard domestic fuel supply.
The move comes as smaller refiners had been expected to cut crude processing rates in April following a sharp rally in oil prices due to the U.S.-Israeli war with Iran, and persistently weak domestic fuel demand.
The National Development and Reform Commission delivered the message at a meeting with independent refiners this week, the sources said. The NDRC did not immediately respond to a faxed request for comment.
Failure to comply could result in reduced crude import quotas, the sources added.