China's smaller independent refiners to curb output on rising oil prices, sources say
By Siyi Liu
Published on March 31, 2026.
Chinese smaller independent refiners are expected to cut crude processing rates in April due to rising oil prices and weak fuel demand. Run rates for these refineries are expected at around 50%, after recovering to around 55% in February and March. The discount for Iranian oil delivered to China for the next two months is now level or only a little below ICE Brent, from more than $10 before the war began. With discounts evaporating and Brent crude futures surging, teapots have delayed crude procurement plans.
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