As Chinese refineries, including independently-owned plants (teapots), imported a record 11.34MM b/d of crude in May due to very low prices and ample storage space, 41 vessels with a combined 51.07MM bbl of crude have been reported to be waiting to discharge ports in the Shandong province, home to most teapots. Because the port congestion is expected to persist until Aug., the teapots will likely be forced to reduce operating rates.
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