Chinese Refiners Slash Run Rates as Sanctions Cripple Russian Crude Supply

China’s independent refiners have slashed their processing rates to the lowest level in nearly five years as costs to procure crude soared amid dwindling Russian supply following the latest U.S. sanctions. Crude supply became more expensive for the private Chinese refiners, concentrated in the Shandong province, and dragged refining margins to a loss. The independent refiners, commonly known as teapots, have slashed run rates, to just 43.64% of processing capacity as of this week, according to data from industry consultancy Mysteel Oilchem…