Asian Refiners Mull Slashing Crude Processing as Iran War Threatens Supply

Asian refiners, particularly state-held majors heavily dependent on Middle East oil supply, are considering slashing crude run rates by up to 30% amid the war in Iran that is holding up millions of barrels of Middle Eastern crude stuck near the Strait of Hormuz. The de facto halted shipments via the Strait of Hormuz threaten to delay key cargo deliveries that Asian refiners have contracted in recent weeks. Just before the U.S.-Israel strikes on Iran this weekend, Asia, particularly China, planned for a major uptick in purchases…