Dzwww.com quoted local petroleum and chemical association, China eastern province of Shandong faces an oversupply of oil products.

According to the report the province received 12.2 million tonnes of oil product supply in the first half including 7 million tonnes from domestic privately held processing plants, 3.7 million tonnes from China Petroleum & Chemical Corp. and 1.5 million tonnes from PetroChina Co. Fuel consumption reached 7.3 million tonnes during the period.

It said Shandong fuel demand will rise to 14.5 million tonnes this year up by 500,000 tons from a year earlier. Oversupply of oil products in the province will persist in the long term.

(Sourced from dzwww.com)