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Latest Reports and Analysis

Latest Analysis / China Oil and Gas Monthly

China Oil Snapshot

Published: 28 August, 2026

Highlights:

China's refining margins remain uniquely depressed versus the rest of Asia due to the domestic price floor/ceiling mechanism, though NOCs have recently stepped up prompt crude buying as margins and diesel export economics improve.
Chinese independents are turning to more non-sanctioned barrels for 4Q ...

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