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CN NDRC Purportedly Allows Refineries to Cut Output from Jun
China's National Development and Reform Commission (NDRC) has allowed some independent refineries to cut output starting from June, signaling that Beijing is increasingly confi...
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China's National Development and Reform Commission (NDRC) has allowed some independent refineries to cut output starting from June, signaling that Beijing is increasingly confident in its ability to weather the oil shock sparked by a potential closure of the Strait of Hormuz, Reuters reported, citing consultancies and sources.

Consultancy Horizon Insights said in a report that some refineries in Shandong Province have recently been notified that they may reduce output to no less than 80% of last year's monthly average. The change relaxes a previous directive requiring refineries to maintain production at the average level of the past two years.

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