China’s new ranking shows how the U.S. shale boom is reshaping flows of oil around the world as suppliers hunt for buyers amid a global glut. A surge in American production is reducing the need for the world’s biggest economy to import crude while the Asian nation seeks to take advantage of a slump in prices to fill its emergency stockpiles.
The company announced a major restructuring of the business last December that includes 1,000 job cuts and a reduction in business segments to five from 16 that it said will result in a $200 million annual cost reduction.
Refiners have benefitted from the crude collapse by buying up cheap oil and transforming it into higher-priced gasoline, diesel and other refined products, an executive with the world’s largest independent refinery said Monday.
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