An eight-day holiday period owing to China’s Spring Festival, which began on 10 February, dragged the country’s VLSFO production down. Low margins for producing and exporting VLSFO also contributed to pull the output down.
Marginal FallThe country’s average daily VLSFO output fell marginally by around 1% on the month, while it declined by almost 2% year-on-year.
Sinopec’s VLSFO production declined to 553,000 mt in February from 582,000 mt in January.
The modest fall in VLSFO production has not...