Source: IMO.org
IMO 2020, the maritime Sulphur Cap regulation that went into effect January 1st, was once feared to create a shortage of marine fuels, such as diesel and jet, that would also impact the pool of middle distillates worldwide. But no such thing happened. And, in fact, it now appears China has created a glut of refinery capacity.
According to Reuters' calculations, the total amount of oil processed in China rose in 2019 by 7.6 percent to 13.14 million barrels per day (mmbd). In December, the country processed 13.78 mmbd, which was 1.71 mmbd,