PetroChina has cut its crude output and refinery throughput in the first quarter to drain heavy inventories, setting the stage for a possible production recovery soon.

Liu Keyu, deputy head of Research Institute of Economics and Technology under CNPC, stated:

Companies have built up very high inventories from the fourth quarter last year, starting with refined oil products, then crude. The first quarter has been a major destocking period.

For full story, click here ^[1]