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Market Chatter: Chinese Oil Refiners' May Output Plunges to Lowest Since August 2022

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Chinese oil refiners slashed their output by 9.1% to 53.7 million tons in May, the lowest since August 2022 after oil imports fell to an eight-year low due to the impact of the war in the Middle East, Bloomberg reported Tuesday.

As output falls, Chinese refining activity is also expected to slide by 5% in 2026, the report said, citing GL Consulting.

Meanwhile, aluminum production jumped 1.7% to a record 3.9 million tons in May as the country took advantage of a decline in output in the Middle East, the report said.

Coal also slipped 1.7% to 397.2 million tons amid a coal disaster in Shanxi, which forced producers to trim output, Bloomberg said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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