*Latest official Chinese stats show refinery runs of 14.91mn b/d for April, the second highest on record just behind March’s 14.95mn b/d. At an average of 14.67mn b/d for the first four months of 2023 runs are up 8% year-on-year and on track to smash the record annual figure of 14.04mn b/d set in 2021.
*Having set a quarterly record 14.59mn b/d for Q1, the IEA, in its freshly-released May Oil Market Report, projects new quarterly records of 15.1mn b/d for Q2 and 15.2mn b/d for Q3 as well as an annual record of 15.0mn b/d for 2023 as a whole, almost 1mn b/d above 2021’s previous record high. (CONTINUED - 371 WORDS)
