Chinese refiners likely will process more crude oil in Q4
, expanding on a recovery that began in September when refineries raised throughput after the government raised fuel prices to match global levels. China refined ~38.76M metric tons, or a record 9.47M bbl/day, of crude in Sept. Combined October capacity for top refiners Cnooc (CEO
) and Sinopec (SNP
) was ~30.5M tons, or 7.2M bbl/day, up 3.3% M/M.