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China's Refinery Bonanza Slows Down


1. Europe Cracks Down on Methane Emissions

- The European Union agreed on a deal to place methane emission limits on Europe’s oil and gas imports from 2030, putting additional regulatory pressure on key suppliers such as the US, Algeria, and Russia.

- Methane is the second-biggest cause of global warming, and despite its relatively short atmospheric lifespan of some 10-12 years, it absorbs much more heat than carbon dioxide.

- Whilst European think tanks anticipate energy suppliers will comply with the 2030 deadline and improve their methane leakage, a continent that relies on imports for 90% of its oil and gas might face further sourcing issues.

- According to the EU methane deal, importers are to receive penalties if they purchase oil or gas from non-European suppliers that do not comply with the emissions limit.

2. China’s Refining Bonanza Slows Down

- Chinese oil refinery throughput rates declined in October after a string of several big month-on-month increases, easing to 15.12 million b/d, some 400,000 b/d lower than in September.

- Easing consumption patterns have impacted refinery runs, with peak demand season for diesel and gasoline coming around the Golden Week national holiday in early October, dropping from then onwards.

- The import quota plight of independent refiners in Shandong province, with most of them well above 90% quota utilization rates, has also adversely impacted throughputs,…

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