*China remains the most enigmatic element of variant forecasts of the global oil supply/demand balance over the coming year (see p10). Whilst economic and consumer data look weak, to date primary oil data have remained extremely bullish.
*Latest figures show Chinese refinery runs leaping to a record 15.28mn b/d for August. The last six months have now included the five highest figures on record including March’s previous record of 14.95mn b/d and 14.91mn b/d for July (see chart). Year to date volumes of 14.80mn b/d are up 12% year-on-year and on track to smash 2021’s annual record of 14.04mn b/d. (CONTINUED - 181 WORDS)
