Chinese oil refineries cut back operations amid Iran uncertainty

Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco, is shutting a 200,000-barrel-per-day unit, reports Reuters. The refinery is bringing forward maintenance in response to the Middle East conflict’s impact on crude supply, it said on Tuesday.

Separately, another ‌Chinese refiner backed ⁠by Aramco, ⁠Fujian Refining and Petrochemical, or FREP, shut its 80,000 bpd crude unit—its smallest—or an unspecified amount of time, two industry sources familiar with the ​matter said.

China, the world’s biggest oil importer, sources half its crude from the Middle East.