China's crude oil output has hit 15 month low

China's crude oil output in August has hit the lowest since May 2020, as cases of coronavirus increase and the government has imposed a cut in fuel export quotas that hurt production at refineries.

According to data from the National Bureau of Statistics (NBS), processing volumes in August were 58.35 million tonnes, or 13.74 million barrels per day (bpd), which is  2.2 percent lower from a year earlier. 

Sinopec Corp which is the top refiner in China has said in August that it exported 10 percent less fuel in the first half of 2021 versus 2020.