FILE PHOTO: PetroChina's logo is seen at its petrol station in Beijing, China, March 21, 2016. Picture taken March 21, 2016. REUTERS/Kim Kyung-Hoon/File Photo
PetroChina’s planned February cut is equivalent to about 10% of the refiner’s average production rate of around 3.32 million bpd. This would bring total production scalebacks by state refiners, include Sinopec Corp and China National Offshore Oil Company, to around 940,000 bpd for this month. Reuters reported last week that Sinopec Corp, Asia’s largest refiner, is cutting its throughput this month by 600,000 bpd, or 12% of its average crude runs, its deepest reduction in over a decade. Independent Chinese refiners in Shandong, meanwhile, have slashed output to below half their capacity.
PetroChina started the production cuts at the beginning of the month, but deepened them on Monday, the official said.PetroChina is talking with its key long-term suppliers such as Saudi Arabia, Kuwait and the United Arab Emirates about possibly deferring cargo loadings or trimming loading volumes, the official said, without giving further details.
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